Forex pros-gold futures retreated Wednesday after rising in the previous three days amid the hopes of resolving the crisis aliorro with the help of central banks to support economic growth.
Section of the New York Mercantile COMEX, futures trading for October delivery gold when 313.76, 1 dollars per ounce during the early European dealings, the proportion of 0.18%.
Gold futures contract was likely to find support at 601.80 dollars per ounce the lowest price on Monday and resistance at 618, 33, the highest price on Tuesday.
Gold continued to be supported by expectations that the ECB will soon take steps to help reduce the cost of borrowing in Spanish and Italian, Mario Draghi, the Bank announced last week that the Bank had resumed its programme of buying bonds.
Market sentiment remained upbeat with investors waiting for more details on the programme to overcome the crisis in the euro zone.
The European Central Bank said that work would be conditional on the commitment of the Governments of the euro area experiencing difficulty in bond markets to strict conditions in order to activate rescue funds and buying Government bonds.
Investors remained cautious after the revised Agency standard & poor's credit rating Outlook to negative from stable to Greece on Tuesday, saying that a deteriorating economy raising the prospect of further unrest and the need for further support from lenders from the European Union.
Meanwhile, the markets were also looking forward to meeting of the monetary policy of the Bank of Japan continued two days which is due to end on Thursday.
In the United States, fed comments Federal Reserve Chairman Boston Eric Rosengren speculation work a further easing by the Central Bank in the United States.
Rosengren said must launch a new round of quantitative easing to any size to revive economic again..
The remarks came after data last week which showed that the unemployment rate in the US rose unexpectedly by 8.3% in July from 8.2% in the previous month.
Gold and the dollar traded inversely as the negotiations round of QE to put pressure on the dollar and weaken it and raise the price of the yellow metal.
In the meantime, will the actual demand from India, the world's largest consumer of gold, a little before the festival season, which starts this month and continue through until November, as a result of poor rains.
Rainfall in India as a whole 20% lower than the average for 50 years, with half during the monsoon season, India faces the prospect of full dry in some areas.
Elsewhere in Coombs September silver fell abensbh 0.76% to trade at 27 853 dollars per ounce, while copper for September delivery dropped by 0.95% to deliberate upon 3 407 dollars a pound.
0 التعليقات:
إرسال تعليق