Gold lost 1.6% to reach $ 1636.14

Gold price technical analysis 17 - June, 2013

Gold price fell 1.6% to its lowest level since late August after recalling the minutes of the last meeting of the U.S. Federal Reserve to growing concerns about the fiscal stimulus program. The stimulus measures taken by the U.S. central and keep pressure on interest rates in the long term while the increase of inflationary fears is the engine behind the gold price rises in the past few years.

And down the price of gold on the spot market to $ 1636.14 an ounce after hitting earlier $ 1634.79. And down the futures price of gold $ U.S. 37.60 an ounce, or 2.2%, to 1637 USD/troy  per ounce.