Gold futures came under significant selling pressure during the European morning trade Wednesday, amid growing concerns about political uncertainty in Greece, which boosted the U.S. dollar, while a wave of selling threw its weight on the art market.
In the COMEX division of the New York Mercantile Exchange, the futures trading of gold for June delivery currently trading at 590.85, $ 1 per ounce during the early European trading, down by 0.85%.
In the COMEX division of the New York Mercantile Exchange, the futures trading of gold for June delivery currently trading at 590.85, $ 1 per ounce during the early European trading, down by 0.85%.
The Kdhbt earlier by 1.15% to trade at 587.45, $ 1 an ounce, the lowest level since Jan. 3.
The gold futures likely to find support at 572.65, $ 1 an ounce, the lowest price during the period January 3 and resistance in the short term at 642.95, 1, dollars per ounce the highest price since May 7.
Investors continued to control political developments in Greece, as a country burdened with debt and struggling to form a coalition government after elections end of the week.
Alexis announced Tesberas Sirza leftist party leader, said Tuesday that the financial aid package to Greece to be null and void, and called to refrain from the Greek debt repayment.
Fueled political uncertainty concerns that Greece will not have a government in a timely manner to secure the next tranche of international aid in the next month, at a time when it seems to hold elections is likely.
The developments in France is also in focus, and Francois Hollande, the Socialist president-elect called on to take an approach that focuses more on growth to address the debt crisis, which could create tensions with Germany's insistence on fiscal austerity.
Despite the high attractiveness of gold as a safe haven in times of economic instability, but the debt crisis in the euro area reduced the demand for precious metals. In addition to the weakness of the euro and the rising dollar, which is heavier gold.
The euro traded near its lowest level in three months against the U.S. dollar, while the dollar index, which measures the performance of the greenback against a basket of six other major currencies, rose 0.2% to trade at 80.10, the highest price since April 16.
Prices came under further pressure that deteriorated the basic levels of support, triggering sell orders amid fresh bearish chart signals.
Traders expect that the level of support for gold at USD 580.1 per ounce after it fell from 620.1 dollars an ounce, the lowest range of the price of gold, which was held in early April to April. Has the effect of the decline below the level of 600-1 - USD ounce weight.
Some participants in the market that the big losses in stocks and other commodity markets accelerated in the sale of gold, as traders are forced to sell a Mkhoznathm of gold in order to raise money to cover losses elsewhere.
And Credit Suisse said in a report recently that gold could see further losses as the owners of the money start rationing their holdings of commodities and equities in anticipation of the worsening financial situation of Europe.
"As we have seen at the end of last year, the gold reserves as a means against all types of crises, but not against the problem of liquidity. When people are in need of cash are also selling gold as they report the bank.
In October 2008, gold prices have fallen by 18% because of the turmoil in global financial markets that led to losses in global equity and commodity markets. The precious metal rose by 23% in the next two months.
Elsewhere in the COMEX silver declined, for July delivery rose 1.3% to trade at 29.75 dollars per ounce, the lowest level since Jan. 10, while copper for July delivery fell 0.15% to trade at 3.671 dollars per pound.
The gold futures likely to find support at 572.65, $ 1 an ounce, the lowest price during the period January 3 and resistance in the short term at 642.95, 1, dollars per ounce the highest price since May 7.
Investors continued to control political developments in Greece, as a country burdened with debt and struggling to form a coalition government after elections end of the week.
Alexis announced Tesberas Sirza leftist party leader, said Tuesday that the financial aid package to Greece to be null and void, and called to refrain from the Greek debt repayment.
Fueled political uncertainty concerns that Greece will not have a government in a timely manner to secure the next tranche of international aid in the next month, at a time when it seems to hold elections is likely.
The developments in France is also in focus, and Francois Hollande, the Socialist president-elect called on to take an approach that focuses more on growth to address the debt crisis, which could create tensions with Germany's insistence on fiscal austerity.
Despite the high attractiveness of gold as a safe haven in times of economic instability, but the debt crisis in the euro area reduced the demand for precious metals. In addition to the weakness of the euro and the rising dollar, which is heavier gold.
The euro traded near its lowest level in three months against the U.S. dollar, while the dollar index, which measures the performance of the greenback against a basket of six other major currencies, rose 0.2% to trade at 80.10, the highest price since April 16.
Prices came under further pressure that deteriorated the basic levels of support, triggering sell orders amid fresh bearish chart signals.
Traders expect that the level of support for gold at USD 580.1 per ounce after it fell from 620.1 dollars an ounce, the lowest range of the price of gold, which was held in early April to April. Has the effect of the decline below the level of 600-1 - USD ounce weight.
Some participants in the market that the big losses in stocks and other commodity markets accelerated in the sale of gold, as traders are forced to sell a Mkhoznathm of gold in order to raise money to cover losses elsewhere.
And Credit Suisse said in a report recently that gold could see further losses as the owners of the money start rationing their holdings of commodities and equities in anticipation of the worsening financial situation of Europe.
"As we have seen at the end of last year, the gold reserves as a means against all types of crises, but not against the problem of liquidity. When people are in need of cash are also selling gold as they report the bank.
In October 2008, gold prices have fallen by 18% because of the turmoil in global financial markets that led to losses in global equity and commodity markets. The precious metal rose by 23% in the next two months.
Elsewhere in the COMEX silver declined, for July delivery rose 1.3% to trade at 29.75 dollars per ounce, the lowest level since Jan. 10, while copper for July delivery fell 0.15% to trade at 3.671 dollars per pound.
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