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08.11.2012 16:20

Gold prices fluctuate

 

Gold prices traded today near the level of $ 1715 an ounce, as investors shifted focus from re-election of President Barack Obama to "fiscal cliff" in the U.S., as well as the crisis in the euro area, in total has depressed the euro to two-month low against the dollar

Fears of a "fiscal cliff" support the price of gold, which is an asset-save, but at the same time strengthening dollar is putting pressure on prices, making the precious metal more expensive for buyers who use other currencies.

In the long term, gold may benefit from uncertainty about the impending "fiscal cliff", which can cause a reduction in spending and tax increases totaling $ 600 billion, and "drive" the U.S. economy into a deep recession.

Analysts say that is a key resistance level for gold is $ 1,730, a break of which may cause an increase to $ 1,750, and then $ 1800.

Note also that the demand for gold in India among importers remained weak against the fact that the weak rupiah kept prices close to their highest level in a month. Recall that the festival season in India will reach its peak in the next week, and will continue until December.

At the same time, demand for gold in China is expected to grow by 1% this year, reaching a record high with 860 tons, as the sale of jewelery and investment sales are rising. This increase means that China will overtake India as the world's largest consumer of gold for the first time on an annual basis.

December futures price of gold on the COMEX is now 1716.80 an ounce.


 

08.11.2012 16:40

Oil is trading higher

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