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Gold: an overview of the market situation
Gold prices fell on Thursday to its lowest
level in almost a month amid fears of collapse and the Fed's bond
purchases to reduce the volume of metal in the Investment Fund ETF
to a minimum since 2009.
Gold prices may fall to show the sixth day in
a row and record the worst performance since March
2009.
"The recent strengthening of the U.S. dollar
eroded gold's appeal for financial investment," - said the head of
ANZ Global Markets Research Tim Riddell. Strengthening U.S.
currency makes commodities denominated in it more expensive for
holders of other currencies.
The decline in gold exchange-traded fund - ETF
- shows that investors switch from gold to stocks. Thus, the volume
of metal in the largest gold ETF-oriented world - SPDR Gold Trust -
has decreased by 0.43 per cent to 1,047 tonnes on Wednesday - the
lowest level since March 2009.
Financial market participants also fear that
the U.S. Federal Reserve may decide to curtail loose monetary
policy, which is why investing in gold to protect against inflation
could lose meaning.
The cost of the June gold futures on COMEX today dropped to 1368.00 dollars an ounce.
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