Gold advanced on Tuesday trading after successful European auctions and upbeat fundamentals which pushed demand on commodities and shares at the expense of haven assets. Spot gold is currently traded higher around $1660.35 an ounce, after recording a high $1667.14 and a low of $1641.60. Crude oil is also traded higher near $100.30 a barrel, showing some bullishness, compared with the day's opening of $99.62. Today, Spain auctioned a total of 4.88 billion euros of bonds in 12 and 18 months maturity, where the yields recorded drop and demand was higher, while Greece sold 1.625 billion euros of 91-day bills in an auction that saw a decline in yield to 4.64% compared with 4.68% in December's 20 auction. Also, The EFSF sold 1.5 billion euros, meeting target after demand was nearly triple the amount tendered of 4.66 billion. Fortunately, the upbeat bond selling managed to eclipse the grim impact of the S&P downgrade to a number of euro area economies, including the top-rated France and Austria, over the weekend and the EFSF on Monday. Regarding fundamentals, German business confidence, ZEW survey economic sentiment gauge, edged up to -21.6 in January compared with both previous reading of -53.8. Chinese growth figures, on the flip side, showed better-than-estimated expansion of 8.9% expansion in the three months ended December 31 compared with forecasts of 8.7%. In the U.S., empire manufacturing index for the month of January rose to 13.48, better than the revised to 8.19 and expectations of 11.00. On the otter hand, fell sharply for the second day with the improvement the sentiment to touch a low of 80.76 compared with the day's starting level of 81.42.
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