Gold drops to 1619 USD/Troy an ounce

Gold price technical analysis 30 - May, 2013

The decline in the price of gold a bit yesterday after its biggest gain in more than three years in the previous session when data raised American jobs, which were weak, speculation on further easing of monetary policy, and increased the demand for gold as a hedge against inflation . And increased jobs data that came from a weak suddenly darker picture of the global economy. And the price of gold in the spot market in Asia of $ 1619.80 an ounce, down slightly by 0.4%. Was little changed on the price of American gold for August delivery at 1621.40  USD/Troy an ounce. The price of gold fell more than 6% in May, due to the increase the dollar by more than 5% against the basket of currencies, with the intensification of the crisis, “the euro area.”

With regard to other precious metals, silver fell 1% to 28.34 dollars an ounce, after rising 3.6% on Friday, its biggest daily gain in more than three months. Platinum price was down 0.8% to 1429.99 USD/Troy an ounce. And palladium fell 0.76% to 603.75 dollars an ounce.