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20.03.2012 16:00

Gold is cheaper due to the strengthening of the dollar

 

Gold prices are driven down by increasing the dollar after a three-day rally.

Dollar grows due to the turmoil in the market in connection with negotiations with the unions of the Italian Government on the reforms necessary for the growth of one of the largest economies in the eurozone. Also contribute to the strengthening of the dollar these last two weeks from the U.S., indicating a faster-than-expected recovery of the world's largest economy.

Physical demand is markedly reduced this week because of a strike jewelers in India -the world's largest consumer of gold - protesting against the government's intention to increase the import duty on gold.

Stocks of the largest gold-ETP funds on Tuesday recorded the largest decline in two months, decreasing by 56,000 ounces to 70.843 million ounces.

April futures price of gold on COMEX has fallen today to $ 1641.2 an ounce.

 

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