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Gold is now cheaper due to profit taking , which was formed in the previous two days. The negative dynamics of quotations of gold on COMEX caused his speculative selling. Over the previous two days ( 17 and 16 October) ounce of gold on COMEX rose by more than $ 50 including the day before the official price of gold rose by 3.2% ( +40.7 dollars/ Oz ) , providing a premium to cover long positions.
Over the previous two days COMEX gold has risen in price due to increased demand for riskier assets after the successful resolution of the crisis of political power in the United States. Dollar for the previous two days fell significantly against the euro and other currencies. Cheap dollar has provided favorable conditions for purchases of gold and other commodity asset prices are set in U.S. currency. However, after the gold price reached before the one-week high , rising to 1,324.2 dollars per оunce, interest in its purchases weakened .
Meanwhile, investment demand for gold bullion is still weak. The assets of the world's largest holder of gold investment institutions exchange traded fund SPDR Gold Trust at the end of business day October 17, 2013 decreased by 3.3 tons and amounted to 882.23 tons , updating its lowest since February 2009
The cost of the December gold futures on COMEX today dropped to $ 1312.30 per ounce.
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