Gold drops from $ 1600 after the decision of the Central American

Gold price technical analysis 30 - May, 2013

The price of gold below $ 1600 an ounce in Europe, today, Thursday, after disappointing the Federal Reserve (Fed), the hopes of those who betted on the rise of gold Bahjammeh to take new steps to stimulate the cash, although the market digested this step before announcing the event without prices collapsed.

After the meeting concluded, yesterday, Wednesday, said the central U.S., it will continue its program to buy bonds, which aims to reduce borrowing costs and stimulate long-term growth, but declined to proceed with quantitative easing measures, which some investors pin hopes upon.

Gold rose to 1649.50 dollars an ounce earlier this month amid hopes that the U.S. Central announced a new round of quantitative easing to stimulate growth after a series of economic data disappointing.

He stayed in the Gold Spot 0.4% to reach 1599.19 dollars per ounce, down U.S. contracts and gold futures for August delivery $ 15.50 an ounce to 1600.30 dollars.

Among other precious metals, silver fell in the spot market to reach 0.5% to 27.92 dollars an ounce, while platinum price rose immediately by 0.3% to reach 1455.25 dollars and palladium down to 613.50 dollars an ounce.