More Emerging Markets Seek to Diversify Reserves to Gold

Sentiment remained weak in European session as concerns over US recessions and European banking crisis continued to dominate the market. Gold extended the uptrend and rallied to another all time high of 1872.2 amid the uncertain outlook. Oil prices slumped with the front-month contract for WTI crude oil breaching below 80 again for the third time in less than 2 weeks. Brent crude also dropped but the size was smaller as disruptions in the North Sea and Africa provided supports.

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More Emerging Markets Seek to Diversify Reserves to Gold