US gold and copper prices ease

March 13th, 2012 - 12:29 am ICT by Aishwarya Bhatt  

New York, Mar 12 (THAINDIAN NEWS) In some good news for gold lovers, the price of the priced commodity has dropped. And along with gold, price of copper has eased as well. According to reports, this trend follows the southward spiral of the crude oil prices. And market analysts suggest that the next increase/decrease in the prices would be a direct ripple from the Federal Reserve’s policy statement, which is due to be released soon.

US gold prices suffered a loss of almost 1% (0.9% to be precise) and soon the copper futures followed suit. They lost one percent precisely of their prior value. Silver prices were also hit as they lost nearly 1.4 % of their value.

In the past too, gold prices had dropped when the value of Euro had weakened a bit. Earlier experts were predicting that the price of the precious commodity might go up to $1800 per ounce, but thankfully, it was not to be.

According to Reuters, James Steel, who is a chief commodity analyst at HSBC said that, “The gold market may be straddled between tame physical demand on the one hand and strong currency and investor risk-related buying on the other. Ultimately a bull market needs both in order to sustain a long-term rally”.

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