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Gold prices declined, which was the seventh in the last eight Palen sessions on weak technical signals and speculation that the U.S. Federal Reserve may curb their incentive program. Note that since the beginning of the year gold has suffered greatly from the shift in investments in high-yield sign of improvement in the world economy, especially in the United States. We also recall that yesterday the price of the precious metal fell to $ 1,338.95, the lowest level since April 16.
Economists note that the dynamics of the trade also influenced by the fact that many investors' attention is directed to the speech from Fed Chairman Bernanke in Congress, as well as the publication of the minutes of the Federal Reserve. Recall that on Monday, Federal Reserve Chairman Charles Evans said the central bank may continue to buy bonds during the summer, but in the fall to complete, if the central bank will see a marked improvement in the labor market. Note that the tightening of monetary policy in the U.S. will strengthen the dollar, which in turn will make the precious metal more expensive for holders of other currencies.
In addition, the data presented today showed that inventories in the SPDR Gold Trust continued to decline on Monday, down to the level of 1,031.50 tonnes - their lowest level in more than four years.
The cost of the June gold futures on COMEX today dropped to 1365.60 dollars an ounce.
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