The yellow precious metal saw its prices plummeting slightly in New York after that the China Gold Association said demand in the Asian nation, the world’s largest consumer, may decline 17 percent this quarter from a year earlier after a 2013 surge in purchases of bars and jewelry.
As a result the gold is so far trading around $1340.95 an ounce recording a high of $1344.75 an ounce and a low of $1328.20 an ounce.
However, earlier in the EU session the metal rose due to signs of a deepening crisis in Ukraine boosted the demand for the precious metal as a haven.
In fact pro-Russian forces now believed to number 18,000 swooped into the southern Ukrainian territory of Crimea at the end of last month.
Plus so far pro-Russian forces surrounded a border post in western Crimea and blocked Ukrainian TV broadcasts to the heavily Russian-speaking region, which lies more than 400 miles southeast of the Ukrainian capital.
Now turning to the currencies market, major pairs consolidated on current technical movements after that the yen gained against most major peers as appetite for riskier assets cooled after China reported the biggest trade deficit in two years and the slowest rise in consumer prices in 13 months.
Accordingly the the euro is presently narrow trading on the four and one-hour charts as a result of the current technical movements sending in fact the EUR/USD pair to trade up around $1.3873 while recording the highest level of $1.3897 and lowest level of $1.3861, knowing that the pair may incline but slightly as mixed signs are seen throughout the four-hour and one-hour momentum indicators.
As for the British Pound, it is also consolidating on these correctional movements driving the GBP/USD pair to trade around $1.6639 while recording the highest level of $1.6742 and lowest of $1.6622 and is most probably going to remain at consolidated levels as mixed signs; buying and selling, are also witnessed at several time scale within the stochastic oscialltor.
Finally, as a result of mixed signs witnessed throughout the momentum indicators at different time charts the USD/JPY pair is consolidating around ¥103.20 while recording the highest level of ¥103.41 and lowest levels of ¥102.94.