Must Read Gold Price Retreat News

Must Read Gold Price Retreat News 

Must Read Gold Price Retreat News 

Gold prices retreat on closing weekend trade, Saturday (20/1) due to the action of profit taking investors after several days before going on a hike of 2 percent, despite expectations that interest rates are at record lows will remain presented to keep prices above $ 1225 per ounce.

The price of spot gold was down 1 percent at $ 0.34, 227.81 per ounce, and on a weekly basis was down 0.5 percent, first week down in five weeks.

The price of U.S. gold futures for April delivery closed up 0.4 per cent to $ 1, 230.80 and last traded at $ 1, 228.10.

Fixed price climbed almost 16 percent so far this year, with the turmoil in the financial markets triggered a broader interest in precious metals as a safe haven asset relatedconcerns the possibility of rising interest rates further by the U.S. Federal Reserve.

Rising rents and the cost of health raised U.S. inflation in January on the highestposition of the nearly 4-1/2 years, signs of rising price pressures which could allow the Federal Reserve to raise rates gradually this year.

Global stock markets weakened due to weakening oil prices, while the prices of short-term us bonds rose after economic data raised the possibility of a U.S. interest ratehike this year.

In the physical market, demand for gold is Asia slows down this week with discountsin key consumers India at a record high.

While the price of silver futures were down 0.4 percent at $ 15.37 per ounce. The value of gold as compared with silver reaching the highest in more than seven years on Friday, with one ounce of gold worth 80 ounces of silver. While the price of Platinum was down 0.5 percent at $ 941 and palladium price down 0.9 per cent to $ 495.75.

The night will be released data economic indicators Markit Manufacturing PMI FlashFebruary, which indicated decreased from the previous result. If these results areunrealized can depress the u.s. dollar.

We estimate gold prices potentially strengthened by the potential weakening of the u.s. dollar. The price will break through Resistance level $1, $1, 232.00 230.00-, and if the price drops will penetrate the Support level $1, $1, 224.00 226.00-.