The price of gold fell at the close of trade Wednesday ,today (20/01) fell down after dollar rise today and the stock market rose after data showed economic growth weak China stimulus hopes aroused.
The Chinese economy grew 6.8 percent in the fourth quarter, the lowest level since 2009, the data showed. For the year 2015 as the overall growth of China notes 6.9 percent, the weakest in 25 years.
Gold Prices Spot Outlook Today closed down 0.17% at $ 1, 087.07 per ounce, slightly lower after a lethargic session on Monday when u.s. markets were closed for the Martin Luther King holiday. While the price of U.S. gold futures for February delivery were at $ 1, 089.10 per ounce, down $ 1.60.
The price of gold has climbed the highest two months from $ 1112 on January 8, as the safe haven asset investors for declines amid concerns about new global growth, particularly a slowdown in China and whether the authorities in Beijing can manage it.
"As long as there is confusion about how China successfully run Exchange rate policies, how they would intervene in the stock market and so forth, there will be some safe haven demand for gold," said a senior analyst with Danske Bank Jens Pedersen.
Gold fell 10 percent last year amid concerns that U.S. interest rates will lower the higher the demand for gold and the strength of the dollar continued to depress the gold.
A weak physical demand from consumers of gold over China and India also has limited the potential rise of gold, analysts said, with consumer spending down by China because its economy is slowing down.
We estimate gold prices strengthened again potentially limited with sentiment weakening crudeoil prices and worries of a slowing China-based. It is estimated the price of gold would try to penetrate the 1,089-1,091 Resistance level, and if the price retreat will try to penetrate the 1,085Support level-1,083.
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