► Close the session, spot gold prices fell $ 52.4 / oz, down 4.1%, equivalent to ...
Spot gold price movements on the international market session 26/6 (green line) - Source: Kitco.Anhui
It takes more than 4% of the closing session last night, the world gold price down to near the lowest level of 3 years. U.S. stock market rally as the attractiveness of gold that decline.
At the close of trading in New York, spot gold prices fell 52.4 USD / oz, equivalent to a 4.1% decrease compared with the previous version, and $ 1,226.2 / oz.
This decline appeared earlier in the afternoon session in the London market and has been reflected in the price of gold in Vietnam. Yesterday afternoon, SJC gold price fell to close to 37 million dong / tael, the lowest in more than 2 years.
Gold prices fell yesterday despite U.S. government statistics put the Q1 GDP growth adjusted lower initial data. The U.S. Commerce Department said that in the past one quarter, GDP increased by only 1.8% instead of 2.4% as the figures given earlier.
Over the past days, Americans are more positive economic data being transmitted. The statistics thus increasing the assessment that the U.S. Federal Reserve (Fed) will narrow the scale of quantitative easing (QE) in the coming months. This increases the pressure on the gold prices.
In contrast, the bad news about the U.S. economy at this point can help support gold prices. Nevertheless, GDP growth figures were revised down the U.S. announced yesterday did not help gold recovery from the depths.
Within 4 sessions since the Fed signaled narrow QE, gold has dropped about 125 USD / oz. Reuters also said that from the 2nd quarter to date, gold prices have fallen 23%, while only 2 more sessions are closed this quarter. Thus, quarter 2/2013 will most likely become your biggest devaluation of gold since Reuters began tracking this data in 1968.
"Previously, we buy gold for two reasons. One is due to concerns about the inflationary effects of monetary policy and the other is worried the financial system will collapse. Currently, this is no longer the major concern, "said Sean Corrigan, chief strategist at investment firm Diapason Commodities Management, said.
From the beginning of this year, gold has "evaporated" in the quarter. Yesterday, downward pressure on gold as big as the S & P 500 U.S. stock market rally. "Investors want to plunge into risk, and gold has been sold to raise funds rather than to be considered a safe investment channel as before, because it is not necessary," said Simon Weeks, head array of precious metals drug Bank of Nova Scotia, said.
On the technical aspects, the experts say, investors are selling gold, "the hand". Expert Carlos Perez-Santalla of brokerage Marex Spectron forecasting gold prices could bounce back if you can not fall further from current levels.
Not only reducing the price of gold, silver prices also fell sharply. Yesterday, spot silver prices lower than 5%, closing the day at $ 18.57 / ounce, the lowest close since May 8/2010.
Yesterday, the investment trust world's largest gold SPDR Gold Trust gold selling pause, maintain 965.5 tons of gold holdings, the lowest level since 2/2009.
In trading on Tuesday, the fund sold more than 16 tons of gold. Since early this year, the fund has discharged 381 tons of gold.
Gold price outlook even more bad if referring to physical gold market. In India, the largest gold consumer in the world, the demand for gold may have decreased in the 2nd quarter after the Indian government launched measures to restrict gold. Also in gold consumer China is the second most, concerns about the credit crunch is also causing pressure on physical gold demand.
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