All of us did not understand what happend for gold price?, so i will try to explain what happend for gold price briefly in a few simple words.
firs of all i want you to be aware that gold price record a decline in the last 30 days by 13.33%, so gold price lose a lot from its value, but the question came to your mind, why gold price record such a decline?.
Gold price affected by the global condition, economy and political considered as factors affected by gold price, the decline in gold price starts by the Financial crisis in the Euro area going from the Spanish and Greece protesting due to lack of financial growth then the Italian election ended by the financial crisis in Cyprus which lead Cyprus to sell some of its gold reserver, the issue which made the amount of gold exposed in the market more than the demand of gold which lead of course to a decline in gold price.
Asia is a part from the world which had a lot of consumers for gold India, China and Gulf countries, the decline in gold price starts from india which add taxes on gold so it lead to the increase of gold price in India leaded to lak of buying gold in India, followed by the gloomy of the Chinese economy which go against all the expectation and decline by 0.9% which was a bad indicator for the global markets.
the leading financial market, which record an improvement in its financial situation, so it lead investors from all over the world to sell gold which was their safe heaven to buy the new safe heaven which was the US. dollar in sudden change for the market.
Now gold price watch a rise because of burgin hunters but the question does gold price will continue to rise? we will watch the market together if you had any question about gold price you can ask me on @MElkirsh , you are welcome any time.