- Analytics
- News and Tools
- Market News
- Gold is down, but will show the maximum weekly gain in 2 years
Gold is down, but will show the maximum weekly gain in 2 years
Gold prices decline on profit taking after four days of growth, but this week is likely to show the highest growth in almost two years.
Since the beginning of the week the spot price rose 5 percent from a record weekly rise of 6.2 percent in October 2011.
From the beginning, gold fell by nearly 25 percent because of fears that the Fed will soon begin to reduce the amount of buying bonds from the current $ 85 billion a month. But Fed Chairman Ben Bernanke said on Wednesday that the central bank will keep a policy change in the near future. Minutes of the June meeting of the Federal Reserve showed that although many officials of the central bank does not want to reduce the amount of incentives is not yet convinced of the sustainable growth of employment, they generally agree that it is time to reduce the amount of buying up bonds.
According to analysts, gold will face resistance when trying to cross a boundary $ 1,300 per ounce. Many analysts are predicting that gold will fall in price this year due to an increase in demand for stocks, reduction of investments in gold-backed exchange-traded funds and weak physical demand.
The cost of the August gold futures on COMEX today dropped to $ 1266.40 per ounce.
© 2000-2026. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
