Gold price dropped aimed by fears from chines economy

gold bars

Gold in Comex was under pressure today after the increase of credit condition in china, the issue which increase the global fears from the growth of the Chines economy.

Goldman Sachs played a role in the pressure on the yellow metal, in which it declines its forecast to the gold price by 7% for 2013, 2014.

Gold ETF delivery for August fell by $7, which is equal to 0.5%, to reach the level of $1,285 USD/ Ounce, after having surrendered almost over $100 for the last week trading.

The yellow metal continued to fell after the continuous pressure from the US Dollar which recorded a rise to 82.578 Monday from late Friday’s 82.302.