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- Gold may drop the second week
Gold may drop the second week
Gold prices are stable and is expected to drop the second week in a row against the dollar growth with a minimum of seven weeks and vague plans for the Fed regarding incentive program.
On Thursday, gold rose nearly 2% as good data on China's foreign trade increased hopes for demand. The presented data showed that China's exports and imports in July rose more sharply than expected, indicating that the second-largest economy in the world is stabilized after slowing in the first half.
Stocks of the world's largest exchange-traded fund backed by gold (ETF) SPDR Gold on Thursday fell by 1.2 tons. Premiums in Hong Kong have risen this week after prices fall below $ 1,300, pointing to an increased interest in the purchase. On Friday, gold of 99.99 percent purity on the Shanghai Gold Exchange traded at $ 25 an ounce more expensive than in London, while at the end of last week's mark-up is $ 20.
The cost of the October gold futures on COMEX today rose to $ 1316.20 per ounce.
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