Spot gold continued its advance which started on Monday, the yellow metal broke to a 2 week high of $1685 and the heels of mixed U.S data and technical buying.
Spot gold continued its advance which started on Monday, the yellow metal broke to a 2 week high of $1685 and the heels of mixed U.S data and technical buying.
Spot gold remains below $1700 despite weaker than expected manufacturing data.
It would appear hurricane Sandy is still having an effect on U.S data as The Empire State Manufacturing Index came in at its lowest level since September. General business conditions were negative in December with new orders falling by 3.7 points.
Precious metals rallied in the hours after the Federal market open committee released the minutes of the meeting. Spot gold touched a two week high of $1723 as the Fed essentially announced QE4.
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Spot gold held in a steady range Tuesday ahead of the Federal Open market committee meeting to be held on Wednesday.
Positive U.S jobs data had spot gold whipsawing in the early part of the session. The metal dropped to $1684.10 immediately after the release of the U.S nonfarm payrolls as the dollar rally gained steam.
Spot gold has traded back below $1700 as strong U.S data and the standoff between Democrats and Republicans over the fiscal cliff has traders shedding positions ahead of year end.
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It was a swift sell-off in gold as it was reported a 7800 contracts were sold on the CME. Spot gold sold off to $1706 breaking through all sorts of stops.
As with all investments, the price of precious metals changes rapidly, and as such should be considered volatile. Upon entering the metals market, the risk of loss is solely that of the client. Only individuals who are capable of sustaining a capital loss should consider purchasing precious metals. Acquisitions in precious metals which are financed are considered high risk