04.09.2014 - Gold price flounders under $1,300/oz
A stronger dollar and U.S. economic data are being blamed for dismal performance of the price of gold over the past day. The spot gold price dropped some 1.6 percent to around $1,265 an ounce mid-day yesterday and has since muddled along, mostly between $1,265 and $1,270. The latest drop adds to a string of downsteps for gold since early July when the price of gold was looking up. In late May and early June gold surged from similar levels in the mid $1,200s to the mid-$1,300s in early July, when its latest decline began. Generally analyst commentary pointed to U.S. economic data as driving the down the price of gold Tuesday. "The metal continued its decline further, to a low of 1262.00/1263.00 – a level last seen in mid-June, as it broke through a key technical support level on a day that also saw crude oil prices tumble and the dollar index touch a 13-month high after U.S. manufacturing data surpassed expectations and supported speculations that the U.S. Fed would raise interest rates earlier than anticipated."..............................................Full Article: Source
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