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- Gold down under the pressure of a strong dollar
Gold down under the pressure of a strong dollar
Gold prices continue to update the multi-year lows while the dollar strengthened to a one month high against the euro. Gold fell to a low of nearly three years, under the pressure of strong U.S. macroeconomic indicators, which give the Fed reason to reduce the incentive program this year.
Published on Tuesday reports on orders for durable goods, home sales and consumer confidence in the U.S. surpassed analysts' forecasts. These data support the Fed's intention to reduce the amount of redemption in this year.
When the price of gold showed a strong drop in 30 years in April, the growth in demand in the physical market in Asia has helped to stabilize prices, but this time it has been rising for so much.
Futures in Shanghai on Wednesday fell nearly 3 percent. Demand in India - the world's largest consumer of gold - also lowered, as the government in an effort to reduce the trade deficit increased import duty on precious metals.
Stocks of the world's largest exchange-traded fund backed by gold (ETF) SPDR Gold Trust on Tuesday declined to 16.23 tonnes to 969.50 tonnes - the lowest level since February 2009.
The cost of the August gold futures on COMEX today dropped to 1223.20 dollars an ounce.
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