Decline in gold with the euro and falling commodity

Gold price technical analysis 30 - May, 2013

 

Gold prices fell yesterday in Europe fell under the pressure of the euro and other commodities such as oil with dashed expectations that contribute to a European Union summit starting tomorrow to ease the debt crisis of the euro area.

It seems that the exclusion was to move towards a common bond for the euro area – which was seen as a potential solution to the crisis of existing debt in three years – after it said German Chancellor Angela Merkel that he would not happen, “as long as they are alive.”

The decline in spot price of gold down 0.3 percent to 1567.30 USD/troy per ounce, while gold fell U.S. for August delivery 6.60 dollars an ounce to 1568.30 dollars. Silver fell Spot 0.7% to 26.88 dollars per ounce.

Platinum and lost 1.1 percent registered in 1404 dollars, while palladium fell 2.3 percent to 577.50 dollars an ounce and had been registered earlier in the lowest level in seven months at 575.88 dollars an ounce.