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Gold prices rose to a month high due to technical buying after the decline of the dollar.
The dollar continues to decline after the data on sales of existing homes. Fed Chairman Bernanke's speech last week contained a reference to the housing market as the main reason for the reduction is expected to start stimulating the economy. Therefore, an unexpected drop in June, the pace of home sales in the secondary market support the feeling that the reduction in the Fed's stimulus may not start as fast as expected in the markets.
Sales in the secondary market in June fell, but remained at a level consistent with a strong housing market. Meanwhile, prices continued to rise, as stocks remained low. This is evidenced by a report published on Monday by the National Association of Realtors (NAR). It reported sales of existing homes in June fell by 1.2% compared to the previous month and adjusted for seasonal variations were 5.08 million homes for a year. However, it is the second highest level of sales since November 2009. May's value, which was revised a slight decrease, to 5.14 houses per year with 5.18 homes per year - the highest level since November 2009. Compared with the same period of the previous year, sales in June rose by 15.2%.
Buyers in the physical market a little bit, but dealers in Hong Kong reported a decrease in supply of gold bars and coins after the price drop to near three-year low of $ 1.180 at the end of June. Prices in Shanghai for about $ 22 per ounce above the spot price.
The cost of the August gold futures on COMEX today rose to a high of $ 1328.60 an ounce.
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