Precious metals continue to expand deep slump in the afternoon session today 26.6.2013. Pressure seems to be getting more serious background information optimistic about the growth of the world economy is constantly updated. The ability to restrict the Fed will soon quantitative easing program 3 times since strengthened.
For current happenings, gold prices are heading towards the 7th session in a row with the first shock occurs after Bernanke said the U.S. central bank willing to lower bond buying program monthly. This policy has been supported after economic reports in the U.S. broadcast multiple signals satisfactory growth.
It is clear that the narrow expectations of QE is engraved crystal with gold, by pumping money policies which have driven the price of gold rose sharply during the past few years.
As at this moment, every ounce Spot gold was priced at $ 1232.71/oz, down sharply from last night's closing price.
"The market has caused support last week at 1270 USD / oz. This is the technical support and an important milestone when it broke down, many stop loss order will be triggered "- Victor Thianpiriya, analyst at Australia and New Zealand Banking Group said.
On the physical gold market, and existing disadvantage for this metal. Yesterday, the central bank of India, the largest gold consumer in the world, requiring the bank to terminate the rural areas of mortgage lending in gold jewelry and gold coins. This was followed by efforts to reduce India's gold imports, which limit the current deficit.
"In April, we have seen demand increase while physical gold cheap. At that time, even more difficult to have gold in hand. However, this evolution is not the same "- Gregor Gregersen, expert brokers at Silver Bullion Pte Ltd Company share.
Analysts said that if the global stock markets continued to rally this year, it will also reduce the price of gold, because investors will withdraw capital from flowing into gold stocks. Typically, gold and securities investment are two channels in opposite price movement.
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