Gold price rose more than 1% on Monday, supported by a strong turnout on the purchase of gold, after last week fell to its lowest level in two years, but investors have reduced their holdings of gold in index funds to their lowest level in nearly three years.
technical out look of gold did not improve, although by the increasing rate of actual purchase for gold in Asia and elsewhere. The precious metal fell more than 15 % since the beginning of the year.
Gold price in the spot market on Monday, watched a rise by more than 1% to its highest level in the session at $ 1423.90 USD/ Ounce, up for more than $ 100 for the lowest level in two years by $ 1321 dollars struck on April 16. But gold trimmed those gains up to $ 1429.40 by the time 1231 GMT.
The U.S. gold futures rose during the session futures to $ 1438.80 USD/ Ounce, while the previous close was at $ 1395.60 USD/Ounce. In the latest insider reached Gold June delivery to $ 1428.70 U.S. dollars, up 2.4 percent. but I expect a slight decline in gold price by the end of the session