{"id":15856,"date":"2012-03-05T09:36:01","date_gmt":"2012-03-05T08:36:01","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/15856\/price-of-gold-hangs-near-1700-an-ounce-after-big-trading-losses-last-week\/"},"modified":"2012-03-05T09:36:01","modified_gmt":"2012-03-05T08:36:01","slug":"price-of-gold-hangs-near-1700-an-ounce-after-big-trading-losses-last-week","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/15856\/price-of-gold-hangs-near-1700-an-ounce-after-big-trading-losses-last-week\/","title":{"rendered":"Price of gold hangs near $1700 an ounce after big trading losses last week"},"content":{"rendered":"

Gold futures open this week’s session near $1700 an ounce after gold prices suffered their biggest 5 day loss in more than two months last week, supported by resilient demand for bullion while the strong US dollar put off some investors.<\/p>\n

Spot gold futures lost nearly 4 percent last week, after US Fed chairman Ben Bernanke disappointed the market by omitting any reference to further monetary easing in a congressional testimony, helping the US dollar to jump higher. A stronger dollar tends to cap commodity prices as they are priced in the US currency.<\/p>\n

The Floor for Gold Prices<\/strong><\/p>\n

Gold prices have since rebounded and found solid support at the $1700 level, as investors remain confident in gold’s appeal as real interest rates remain low and inflation remains a longer term concern.<\/p>\n

“There isn’t much room on the downside for gold, because the sharp fall last week was an over reaction to an unfulfilled expectation. We are likely to see gold seesaw in the $1700 and $1800 range in the short term, as investors wait for a new stimulant.” said Hou Xinqiang, an analyst at Jinrui Futures, China.<\/p>\n

But Hou said gold’s short term technicals might have weakened after several recent attempts to breach the key resistance at $1800 failed.<\/p>\n

Spot gold was little changed at $1712.79 an ounce in afternoon trade. US gold edged up 0.3 percent to $1714.20.<\/p>\n<\/p>\n

Continued here:
\nPrice of gold hangs near $1700 an ounce after big trading losses last week<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold futures open this week’s session near $1700 an ounce after gold prices suffered their biggest 5 day loss in more than two months last week, supported by resilient demand for bullion while the strong US dollar put off some investors. Spot gold futures lost nearly 4 percent last week, after US Fed chairman Ben Bernanke disappointed the market by omitting any reference to further monetary easing in a congressional testimony, helping the US dollar to jump higher. A stronger dollar tends to cap commodity prices as they are priced in the US currency. The Floor for Gold Prices Gold prices have since rebounded and found solid support at the $1700 level, as investors remain confident in gold’s appeal as real interest rates remain low and inflation remains a longer term concern. “There isn’t much room on the downside for gold, because the sharp fall last week was an over reaction to an unfulfilled expectation. We are likely to see gold seesaw in the $1700 and $1800 range in the short term, as investors wait for a new stimulant.” said Hou Xinqiang, an analyst at Jinrui Futures, China. But Hou said gold’s short term technicals might have weakened after several recent attempts to breach the key resistance at $1800 failed. Spot gold was little changed at $1712.79 an ounce in afternoon trade. US gold edged up 0.3 percent to $1714.20. <\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lightning_design_setting":[],"footnotes":""},"categories":[1],"tags":[],"class_list":["post-15856","post","type-post","status-publish","format-standard","hentry","category-welcome-start-here-tradecrudeoilchatroom"],"_links":{"self":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/15856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/comments?post=15856"}],"version-history":[{"count":0,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/posts\/15856\/revisions"}],"wp:attachment":[{"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/media?parent=15856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/categories?post=15856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bontrade.org\/blog49\/wp-json\/wp\/v2\/tags?post=15856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}