Thursday, September 8, 2011

Gold Price Down Up to 3%

The court decision in Germany is expected to help resolve the crisis in European kept investors excited hunt shares again. German court rejected a lawsuit to block the country's desire to join in efforts to provide aid to Greece and other countries affected by the crisis. European and U.S. exchanges also immediately rocketed by the decision.

Investors dumped gold and hunted stocks and thus make the price of gold fell to 3%. In trading Wednesday (09/07/2011), price of gold in the spot market recorded falls of up to U.S. $ 57 to U.S. $ 1,815 per ounce, even had time to hit the lowest record intra day at U.S. $ 1793.19. The decline in gold price came after the gold price had hit the highest record of U.S. $ 1,920 per ounce on Tuesday.

In the futures markets, gold for December delivery also fell U.S. $ 55.70 to U.S. $ 1,817.60 per ounce, and moving in the range of U.S. $ 1,883.20-US $ 1,793.80.

On Tuesday, gold price hit the highest a record at U.S. $ 1,920.30 per ounce after the Swiss Central Bank decided to fix its currency against the euro in order to prevent further strengthening. But after marked a record, gold price has corrected immediately. Although a liquidation, but analysts said gold was still in a rally position because -likely to the intervention of the Swiss central bank, others central bank will seek to compare with it to prevent its currency to appreciate too much.

Efforts to resist currency appreciation means that gold will move higher because it is considered as safe havens.

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