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The price of gold has risen dramatically in the last hour after it was is inactive most of the trades near four-year low amid rising dollar.
Dollar exchange rate rose to a seven-year peak against the yen and rising to a basket of six major currencies. Gold is trying to keep the position after a 3 percent rise in share price on Friday, but yesterday's decline shows that investors are willing to sell after the rally.
"The US is experiencing strong economic growth, which helps to strengthen the dollar and puts pressure on the gold market," - said the director of ETF Securities Australia and New Zealand's Danny Leydler.
The world's largest reserves of the gold-traded exchange-traded fund SPDR Gold Trust on Monday fell by 0.25 percent to 725.36 tons of six-year low. On the Shanghai Gold Exchange traded precious metals on Tuesday at $ 01.02 an ounce more global benchmark, whereas before, the margin reached $ 50.
According to analysts of the hedge fund Red Kite, the price of gold may fall to $ 800-900 per ounce - its lowest level since the financial crisis of 2008-2009. According to analysts and traders polled by Reuters last week, the price could drop to $ 1,000 by the end of the year.
The cost of December gold futures on the COMEX today rose to 1160.70 dollars per ounce.
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