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24.10.2012 15:26

Gold prices fall

For most of the day the price of gold rose, helped by the data from China and upbeat profit from Boeing. Also, market participants are waiting for the Fed at the discount rate, and an accompanying statement by the Committee on the Federal Open Market.

Note that the dollar index erased early gains against a basket of currencies, lowering the pressure on gold.

According to data released today it was announced that The PMI for the manufacturing in China has grown significantly, but, despite this, remained in the territory, which indicates contraction in the sector.

Also today, the company Boeing Co (BA.N) submitted its report, which states that the level of profit for the third quarter was higher than expected. The company also raised its outlook for the full year. Note also that the U.S. stock indexes opened higher after the Dow yesterday suffered the biggest drop in four months against the background of weak accountability from DuPont and United Technologies.

But in the short term, though, there is a risk of reducing the price of the precious metal, as many corporate earnings reports can be viewed with disappointment.

Now the weakness of stock markets displayed in the precious metals market. The basic level of support in the coming time is close at $ 1,685 an ounce.

But despite the positive trend during most of the trading, the price of gold has fallen sharply, updating the yesterday's low.

November futures price of gold on COMEX today dropped $3.60 and is now 1704.80 an ounce.


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