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09.11.2012 16:21

Gold prices retreated from the maximum

Today, the price of gold reached a three-week high, and headed to the biggest weekly gain since January, at a time when the prospects for further stimulus in the U.S. is rising. Also, the data showed that stocks of gold bullion, exchange traded funds supported increased to record levels.

Recall that gold has risen in price this week on speculation that U.S. policy will add more stimulus after President Barack Obama won the presidential election, as well as fears that the current situation in Greece can not meet the requirements for the provision of assistance. We also learned that the gold assets in exchange-traded products reached 2,596.1 tons yesterday. At the same time, analysts say that the demand for gold in India, the largest consumer of the precious metal, could rise by as much as 15 percent in the quarter, against the season of festivals, which stimulates the sale of jewelry.

Note that the record gold reserves in the funds are a strong signal that the institutional and private investors believe gold and see it as the strongest currency.

According to the data, gold has increased by 11% this year, and is on the way to the 12th annual gain, and could have outrun the index S & P500, which is added in the same period of about 9.5%.

December futures price of gold on the COMEX is now 1731.30 an ounce.


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