Gold prices fall 0.9%

Gold price technical analysis 30 - May, 2013

Gold prices fell one per cent amid thin trading yesterday, as affected by the attractiveness of the precious metal as a measure of inflation down the confidence of American consumers and fears of a global economic slowdown.

Gold fell in the spot market 0.9% to 1569.59 USD/Troy per ounce by 14:55 pm GMT. Prior to the European Union summit tomorrow, investors are waiting for more clarity on how it would address the leaders of the eurozone debt crisis of the region.

At 14:15 GMT, down U.S. gold for August delivery of $ 10.70 an ounce to an ounce of $ 1577.70.

 

The rates may offset some of its losses when it dropped last week, having disappointed the Federal Reserve (U.S. central bank) of the hopes they had expected a stronger stimulus measures to stimulate growth, which could have been to keep the pressure on long-term rates.
At 10.22 GMT, stabilized spot price of Gold little changed at 1584.50 USD/Troy an ounce, compared to 1584.8 dollars in late trade yesterday.

Silver fell Spot 0.3% to 27.40 dollars an ounce. And the loss of 0.1% platinum recording 1432.85 dollars, while palladium fell 0.6% to 598.98 dollars an ounce.