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Gold prices decline stopped after comments from the European Commission on anti-debt crisis in the eurozone.
Eurozone must accelerate economic growth and reduce debt to regain investor confidence, but it must also move in the direction of the banking union, think of Eurobonds and direct recapitalization of banks through a permanent relief fund, according to the recommendations of the Commission.
The cost of borrowing for Spain in the meantime has exceeded 6.5 percent, while government bond yield at over 7 percent of other countries on the periphery of the eurozone have been forced to apply for financial aid. Against this backdrop, the euro fell to the lowest level in two years against the dollar.
From the macro-economic statistics coming out this week, the impact on the gold market may have data on the growth of the U.S. economy coming out on Thursday, and employment data coming out on Friday.
Stocks of gold-ETF-fund down the third consecutive month, dropping to a four-month low 69.59 million ounces.
The cost of the June gold futures on the COMEX today has grown to $ 1555.8 an ounce, then dropped to $ 1530.4 and is now trading at $ 1547.4 an ounce.
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