Gold futures all set to fall
September 26th, 2011 - 10:03 pm ICT by Aishwarya BhattLos Angeles, Sept 26 (THAINDIAN NEWS) After the record swift run that saw the price of gold jump to $1,921 at the beginning of September, the tide seems to have turned. The precious metal has lost at least 20 percent of its value since it hit the record level on the 6th of September.
On Monday, the price of the commodity had dropped to $1,584.95 which represents a loss of 3.3 percent. This is the fourth day that the price of the metal had gone down since it hit the peak. The highest loss of the price of gold was when the price fell to $1,533.35. That marked the loss of 6.5 percent of the price of the metal and the lowest price of the commodity since the 8th of July.
Experts believe the strong US dollar is the reason why the price of gold is taking the beat. The conditions at the euro zone have also not helped matters. It is feared that, Greece may eventually default on its debt and has sent the euro struggling against the dollar.
The stocks around the world are suffering from the effect of the weakening euro and the Greek crisis. That though, will help push the price of gold up as it has proven to be the best bet for investors.
- Strong performance of Euro pushes gold prices up - Feb 21, 2012
- Gold prices reach a record high of $1,900 - Aug 23, 2011
- Moody's downgrades Greece to lowest rating (Lead) - Mar 03, 2012
- Euro falters over Italy, Greece political uncertainty - Nov 09, 2011
- US stocks edge higher amid Greek hope (Lead) - Feb 10, 2012
- US gold and copper prices ease - Mar 13, 2012
- US stocks edge higher on Greece hopes (Lead) - Feb 09, 2012
- Greeks vote in crucial parliamentary election - May 06, 2012
- US stocks mixed as investors await Greek deal - Feb 18, 2012
- Greece votes in parliamentary elections (Lead) - May 06, 2012
- US stocks stay low for straight day - Dec 15, 2011
- IMF approves $36 bn funding for Greece - Mar 16, 2012
- US stocks mixed on Greece plan, jobs data - Jun 03, 2011
- US stocks fall amid Greece uncertainties (Lead) - Feb 11, 2012
- Eurozone approves new Greek bailout plan (Lead) - Feb 21, 2012
Tags: best bet, commodity, euro zone, gold futures, greece, investors, precious metal, price of gold, stocks, swift run, tide