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11.10.2012 15:21

Gold prices recover lost ground

Gold prices rose today, interrupted in this series of four fall after ratings agency S & P downgraded Spain's credit rating by two notches to the level of "BBB-", while increasing the likelihood that the country's financial assistance. In this regard, the euro has grown rapidly, pulling the top in gold prices.

Note that during the previous four days, the price of gold fell by more than 2%, registering with the longest decline since June.

Also note that the price of gold rose 13% in 2012 so far, which makes it one of the most efficient products this year.

After an attempt to break the gold level of $ 1,800 per ounce has failed, the market began a slight downward correction.

Short-term traders may expect a decrease in net long speculative positions from current high levels, before they will resume major purchases of gold.

Gold prices also rose even despite the fact that the number of initial claims for unemployment benefits fell to the lowest level since 2008, pointing out that the effort to raise start working. The Ministry of Labour said that figure fell by 30,000 to 339,000 level last week.

Recall that the U.S. Federal Reserve pledged to stimulate spending as long as the employment situation is not significantly improved.

Also note that the gold-mining owned by Gold Fields, AngloGold Ashanti and Harmony Gold in South Africa hit by strikes and AngloGold now hinting that, in connection with these events, they can shut down some of their deposits.

October futures price of gold on the COMEX fell 7.3$ today and now is 1770.50 an ounce.


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