Gold price continued the trading through on Thursday and Friday on weak evidence and a downward curve, to close on Friday at the level of $1360.20 USD/Ounce of gold by a decline equal to 1.85%.
We have witnessed a decline in gold price for the seventh straight session, the longest losing streak for gold price since March 2009 after declining holdings of funds, exchange-traded funds to its lowest level in 4 years. At the time investors headed to Stock market because of the high Fluctuate of gold price.
Many of investors in gold starts to reduce the possession of the precious metal, Some investors said that they will never buy gold even if gold price reached to $800 USD/ Ounce.
In a report, the World Gold Council said on Thursday that investors did not buy enough gold during the first quarter, even the big investors did not buy enough to offset outflows from ETFs. The total demand for gold in the world 963 thousand tons in the first quarter, down by 13% compared with the same period of last year.
after all i said if you expect a good news about gold it is your personal problem.
There were signs of weakness of gold over the past few sessions. Gold prices have fallen this month by the largest proportion by about 7.91%. Since today is the last day of this week, I believe that the decline will continue during the trading of the next week because of the global financial situation. It is expected for gold prices that the trading of the next week will witness a wave of landing, which is expected to be short-lived amid anticipation by a new economic data.
It is expected a decline in the demand for gold significantly over the next few months. ETF decreased by 16% to 2214 tonnes since the beginning of the year also SPDR Fund holdings decreased by 23% since the beginning of the year. Therefore I recommend for you to forget about investing of gold for the next few session until gold price witnes a stability point.