Investment gold price dropped to 4.5-year low

Noam Stiekema

The investment gold price dropped to 4.5-year low and continues to retreat on Tuesday. The lack of solid physical buyers and pessimistic technical analysis highlight expectations for further declines. During late Asian session on the second trading day of November, the investment gold price depreciated by 0.48% to 1,164.20 USD per ounce. The level is […]

investment gold price

investment gold priceThe investment gold price dropped to 4.5-year low and continues to retreat on Tuesday. The lack of solid physical buyers and pessimistic technical analysis highlight expectations for further declines. During late Asian session on the second trading day of November, the investment gold price depreciated by 0.48% to 1,164.20 USD per ounce. The level is the lowest since April 2010. The December contracts on precious metal broke below the key technical level of about 1,180 USD per ounce on Friday after the Bank of Japan expanded its stimulus program. The surprising move further support the already best in recent months, heading to the USA, which in turn affected the demand for dollar-denominated commodities.

Although the metal closed below this level (1,182 dollars), the technical risk winding movement under 1,155 USD grow. Only a slight increase over 1,200 USD would violate bear attitudes and send market neutral, commented analysts.

Meanwhile, the silver futures also for December delivery dropped even more – by 1.72% to 15.922 USD per ounce. As with gold, and there is a recognized record low, the value is the lowest since September 2009.

The key element in the market of precious metals is the USD, which holds 4-year high against the major currencies. The analysts said the USD will further improve their positions after last week the US Federal Reserve finally ended its quantitative facilities. Also the Japanese and European central banks further extend their incentives, thus depreciating the JPY and the EUR.

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