The yellow metal continued to decline 1.52% to reach the level of $1278.90 USD/ Ounce. Gold price continued to get down after the FOMC announcement last Wednesday. As more strength of the US dollar supported by the rise of the US stock market, we found more pressure on the gold price.
The continuous loss of the US stock had been stopped, and a high trading level in the US stock market after the FOMC announcement by the end of Assets purchase program, we are watching now buying and gaining profit process in the US stock market, the issue caused the decline of the precious metal.
The precious metal today affected by the rise of the US Dollar, its rise started by the early trading session in the Asian market after the investors head to the US Dollar as the new haven, especially after the chinese data about the credit, which show that the fears from the growth of chinese economy is in its place.
A prediction from Scotia bank that the gold price will touch the level of $1150 USD/ Ounce of gold, may come true, if the US economy continues its cure.