Gold jumps 1% to the highest level in the month and the euro recovers

Gold price technical analysis 30 - May, 2013

Gold prices jumped more than one percent to the highest level in the month at 1637.10 USD/Troy an ounce, with the euro recording session high against the dollar. In one of the stages of trading increased spot price of gold rose 1.2 percent to 1636.76 USD/Troy an ounce.

The euro rose against the dollar and the yen after investors reduced the conflict centers on the decline with the recovery of the single currency on expectations that the sentiment is called the Federal Reserve is another round of U.S. quantitative easing. The euro rose to 1.25210 dollars, its highest level in the session on electronic trading platform ie. Me. S. The single currency has increased one percent from the previous close against the Japanese yen to reach 99.118 yen, the highest level since May 30.

Experts expect to see the coming decades a gradual re-evaluation of the centrality of the U.S. dollar in the global financial system. Until now the alternative is the euro. However, with the economic chaos in Europe, there has been a pause in the idea of ​​moving from the U.S. dollar for the euro, despite the 90% that these two currencies Cklhma combined reserves of foreign exchange markets held by central banks and governments.

He stressed Alessandro Manjuli Bucky – Asia chief economist for the investment company to the growing importance of Asian economies and future aspirations, as well as the growing importance of the role that will play over the coming years with regard to international monetary matters. He said: Looking ahead, we expect to see the light of the emerging economic power in Asia, an increase in the importance of the Asian currencies.But over the next five years, on the Asia, which is one of the world powers established, accept the responsibilities of the largest cash. The Chinese yuan will be thrown upward acceptable compromises in trade and investment deals were issued, in the event of China’s success in the capital account liberalization and internationalization of its currency, and will play a pivotal role in the future of the global economy. ”