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Gold: an overview of the market situation
Gold prices retreated from the lows, approaching at the same session to the highest levels. Note that the above spot price of gold reached a low of $ 1,338.95 an ounce, the lowest level since April 16, which was due to concerns that European central banks may liquidate gold reserves. Add that break through the technical level of $ 1,525 per ounce also contributed significantly to sales. It is worth noting that if today's trading will be closed down, it will be the 8th daily drop and the longest string of losses since March 2009.
Meanwhile, the report of the Commodity Futures Trading (CFTC) showed that hedge funds and money managers reduced their "long position" for gold and silver for the week to 14 May.
In addition, it was reported that the stocks in the SPDR Gold Trust - the largest gold exchange-traded fund in the world, reached on Friday, the lowest level in four years, dropping to 3 tons to 1,038.41 tons mark.
The cost of the June gold futures on COMEX today dropped to 1358.00 dollars an ounce.
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