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Gold prices decreased as the market favored a stronger dollar...
By: Crown Forex - 07-07-2008
0votesGold is falling as the crude prices are declining and as the dollar is gaining against the euro, not forgetting that the precious metal and the green currency maintain an inverse relation. So far, the metal recorded a high of $924.70 an ounce from $943.50 an ounce last Thursday, therefore loosing around $18.8 as it lost its role of a hedge against a falling dollar and against inflation having presently a stronger dollar.
The crude prices decreased trading below $144 a barrel as the tensions in the Middle East settled down slightly as Iran offered to talk and negotiate its nuclear program which reduced of course the threats of Israeli attacks. Until now, the crude contract shed $1.49 a barrel recording a high of $144.53 a barrel from $145.85 a barrel last Thursday. This downturn in oil prices encouraged a decline in gold prices.
The green currency strengthened and advanced against major currencies as it is strongly expected that the ECB would not hike its rates anymore which spread a negative sentiment concerning the European currency. Moreover, it is forecasted that leaders from the Group of Eight nations favor a strong dollar and that the German industrial production will show a slow down that occurred in May. As a result, investments are swapping from commodities to the dollar aiming better returns.
Next Analysis: Gold Drops 2% from Post-Bear Stearns High as Bush Talks UpContent Provided by:
Crown Forex
CROWN FOREX SA, located at St-Hubert 38, 2854 Bassecourt, P.o.box 247, Switzerland, is fully regulated as a financial intermediary under Swiss federal law on the prevention of money laundering (LBA, MLA). Our company is also affiliated with the ARIF association, thus overseen by the Swiss federal de
DISCLAIMER:
The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver &energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk
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