Sunday, May 5, 2013

The price of gold down low in one week

Chicago (The Car Insurance Info)-gold futures on the COMEX Division of the New York Mercantile Exchange (NYMEX) down to the lowest position in a week on a regular trading session Wednesday (Thursday morning GMT).

However, gold prices rose in thin trading, after closing the regular trading, gained support after the US Federal Reserve made no change in the program of purchasing obligasinya.

The most active gold contract for June delivery was down 25.9 dollars or 1.76 percent to settle at .2 1.446 US dollars per ounce.

Rates are down at COMEX having a measure of manufacturing activity in China shows a decrease for March and as investors await the monetary policy decisions from the European Central Bank (ECB) as well as the US Fed.

Shortly after the Fed's announcement, the price of gold up from the regular market close becomes 1.455, 1 u.s. dollars per ounce in electronic trading on Globex.

Gold rebounded recently aggressive enough but it seems there is a will of a lot of bullish traders to step aside from the market on Wednesday, at least until the Fed made the announcement, according to some market analysts.

The Fed maintained the target interest rate and bond purchasing program. For the first time, also officially stated that the central bank could increase or decrease the purchase of bonds from the current speed when the prospect of inflation or labor market change, the report said.

The Fed's quantitative easing Program, which increases the risk of inflation, have helped support gold since the metal is often used as a hedge against inflation.

Given that background, silver for July delivery was down 84.2 cents or 3,48 per cent to close at 23,343 dollars per ounce, reports Xinhua.

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Title Post: The price of gold down low in one week
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Author: Mohammad Zulfi Satriawan

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