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Weekly gold market review 22.04.15
Gold prices started last Wednesday in the low level of $1,190.44 per ounce to later rise modestly up to $1,203.47 per ounce. The reason for this relatively low level was the recovery of the U.S. dollar after its weakness level due to the weak retail sales report in U.S. of Tuesday; while the reason for the rise was the publishing of New York’s Federal Reserve’s data of manufacturing conditions.
On Thursday gold prices experienced ups and downs with a maximum above the level of $1,200 per ounce, mainly because of the unsatisfactory job report in United States, and with speculations by investors regarding the strength of the economy and the possible increase in interest rates just by the end of the current year, and not in June as it was expected previously.
Prices on Friday 17 were slightly higher given the data by the Fed, and current Greek situation. Amid worries of a Greek default on its debt, there have been moments of rise in gold prices during this week. Gold has raised its head and reminded individual investors its advantages in times of chaos.
The worries in question include a possible queue made by other countries following Greece out of the euro zone; nevertheless the president of the IMF guaranteed measures for this situation not to take place. Next Friday 24 will take place the meeting of euro group finance ministers to determine the future of this nation, and whether it will support gold prices.
During the weekend the price of gold was stabilized at $1,204 per ounce while China’s monetary policy was been changed to prevent a slowdown in the economy. Monday 20 started with a maximum of $1,208.81 per ounce.
China needs to rush to improve its international economy – so far this year the economy has seen the slowest growth in years after a decline in imports by 12.7%, and its influence will be observed in gold consumption. Even though China is the 2nd largest gold purchaser worldwide, the nation aims to hold the 1st place. On Tuesday 21, gold prices were $1,202 per ounce despite the strong U.S. dollar.
While debates in the European Union and the Federal Reserve take place, the clients of Emgoldex choose to protect their capital in case of any unforeseen event. They buy investment gold bars of the highest quality of the online store and create their own gold business making this precious metal work for them and bring them financial independence.
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Category: Gold news Publication date: 2015-04-22 10:21
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