A global fears in the market, pushed Gold price in Comex down. August gold recorded fir its last trad a decline to the level by $8.00 at $1,384.00 USD/ Ounce. Spot gold was recording a decline by $3.30 at $1,385.50 USD/ Ounce of gold. The fears starts in the global market, by a sudden movement in the Japanese stock market. The move was about a huge selling process, in which on the last Thursday declined by 6% and is now down by over 20% replacing the gains of the las month.
Instead of the huge selling in the Japanese stock market we also watch, The yen record its highest level against the U.S. dollar in the last two month. The pressure of currency trading affect gold price negatively. The factor which increased the fears in the global market.
Japan monetary policy, affect the stock market negatively. It is the issue which support the fears move in Japan. The heading of investors away from the commodities and the stock market are reasonable, due to the increase of fears about the future of the global market.
Investors are waiting for the G8 meeting to understand what is going on in the global market.