Gold unchanged at $1,210 despite rally in US and European markets, silver and plaitnum rise

Gold prices stayed at roughly the same level today, inching up to reach US$1,210/oz after balancing above US$1,205/oz for most of the day on Monday. The yellow metal was unresponsive to movements in equity markets today, which rallied with the FTSE 100 surging 2.3% and futures for the Dow Jones index in the US rising 1.1%.
The markets were in selling mode for two weeks, which saw the Dow Jones Industrial Average and the FTSE 100 slip below key levels of 10,000 and 5,000 respectively. Gold, which is now seen as a safe haven asset, normally moving inversely to the markets, also retreated, sliding below US$1,200/oz not long after nearly reaching US$1,300/oz.
Investors were dumping gold to reap profits after the rally that put the prices well above US$1,250/oz and make up for the losses in equities.

Physical demand and bargain hunting currently remains steady, giving the yellow metal enough support to hold on to the US$1,200/oz level.

Other precious metals advanced today with silver and platinum reaching US$17.85/oz and US$1,521/oz respectively.
Major mining stocks recovered form yesterday’s fall. Silver miner Fresnillo (LON:FRES) led the sector in the FTSE 100 with a 5% advance. Platinum miner Lonmin (LON:LMI) gained 4.1% and Randgold Resources (LON:RRS) advanced 2.3%.
Specialty chemicals firm Johnson Matthey (LON:JMAT) rose 2.1%.
Midcaps did better with Aquarius Platinum (LON:AQP) and gold miner Petropavlovsk (LON:POG) rising 5%, while silver producer Hochschild Mining (LON:HOC) tacked on 2.1%.
Small cap miners showed little movement today. Turkey and Saudi Arabia operating gold explorer KEFI Minerals (LON:KEFI) was the top performer in the sector, soaring 30%. Uzbekistan focused gold miner Oxus Gold (LON:OXS) and African focused nickel and gold exploration and development junior Nyota Minerals (LON:NYO, ASX:NYO) advanced 5% and 4% respectively.