FX & CFD trading involves significant risk
Gold prices rose because of the probability arose that the European Central Bank may intervene and support the euro. It is also the cause of growth has been speculation as to what a weak global economic growth will cause further stimulus measures by central banks.
But, even though it is, precious metals traded in a narrow range, as the weak activity in the stock markets indicates a reduction of risk appetite among investors.
Recall that the price of the metal rose last week more than 1%, mainly on rumors that the ECB could take further steps such as buying bonds to support the single currency, which was severely hit by the debt crisis in the eurozone this year.
Also today, influenced the course of trading information, that Italy, as planned, successfully attracted eight billion euros, or 9.829 billion dollars, although at a slightly higher return. Investors remain cautious. Hedge funds and money managers have reduced their net long positions in U.S. gold futures and options this week on August 7, as in any doubt about an imminent monetary stimulus by the Fed and other central banks.
But, despite a slight increase during the session of the course gold has fallen sharply over the last few hours of trading, updating the minimum of the day.
The cost of the August gold futures on the COMEX today, high of 1623.7 dollars per ounce, and then declined and is now trading at around 1615.0 dollars per ounce.
All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.