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- Gold prices fell sharply
Gold prices fell sharply
Gold prices fell more than 1 percent against the strengthening dollar and falling stock markets and other commodities, combined with profit-taking before the end of the quarter.
Also to reduce the cost of gold has affected the information that the Spanish government bond yields rose above 6% on the fact that, the Spanish province continue to require financial assistance from the government in Madrid, which could lead to the need for additional international aid to Spain, and early elections. The government is considering the possibility of Andalusia ask Madrid financial support of almost 5 billion euros. Catalonia, Valencia and Murcia have already asked for help to Madrid.
Gold reserves are supported by exchange traded funds, increased by nearly 300,000 ounces on Tuesday to a record 74.063 million ounces,
At the same time, the appetite for gold from India remains fragile. Importers of gold stayed away from deals after prices rose to two-week low due to a weak rupee.
October futures price of gold on the COMEX is now $1740.70 an ounce.
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