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07.11.2012 16:21

Gold prices fell sharply, after a significant increase

Today, the price of gold reached a two-week high against the fact that the U.S. election Barack won, but later the situation has changed, and the price of gold began to decline sharply as investors' attention shifted to the U.S. financial woes. We also note that, despite this uncertainty, the dollar has appreciated significantly against the euro due to the fact that the currency is seen as a safe-haven.

Gold prices topped $ 1,731 an ounce, which is the strongest level since Oct. 23, but later the price fell sharply, down with less than $ 1.7100.

Many analysts and investors are shifting their attention to the financial challenges facing Obama in his next line, and try to assess this impact on the value of gold.

Also, economists note that gold could rise to $ 1,800 per ounce by the end of 2012 and about $ 1900 to the end of the first half of 2013, which is supported by the continuing weakness of the monetary policy of the USA and the possibility of further quantitative easing.

Also today, the importers of gold in India, the world's largest purchaser of yellow metal, reduced the amount of their purchases during the peak festival season, as prices stabilized near its highest level in more than two weeks.

December futures price of gold on COMEX today fell to 1709.40 dollars per ounce.


07.11.2012 16:42

Price of oil futures fell

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