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Gold plunges to below US$1500

Posted by admin on 2013-04-13 09:57:38 +07

The price of gold plunged this Friday by 5 percent and closed at US$1477 (฿20,300 per baht) , it fell to its lowest levels since July 2011, hurt by a draft plan for Cyprus to sell gold reserves as part of its bailout by international lenders.

Gold traders association in Thailand have not announced their local prices this Saturday morning as they remain closed for the long holiday weekend for Songkran (Thai new year) which will last till Tuesday (13th to 16th April).

Gold is now some 22 percent below the record peak of $1,920.30 an ounce set in September 2011.
 
"The scale of the decline has been absolutely breathtaking. We tried to rally and that just didn't get anywhere ... there hasn't been any downside support, it's like a knife through butter," Societe Generale analyst Robin Bhar said.
 
"Could it retest $1,300 or $1,200 on a short-term technical basis? Absolutely yes," said Geoffrey Fila, associate portfolio manager at Galtere Ltd, a commodities-focused hedge fund in New York with about $600 million under management.
 
"If Cyprus can break the gold market, then (there are) many reasons to be worried, with Slovenia, Hungary, Portugal, Spain and Italy in line," said Milko Markov, an investment analyst at S.K. Hart Management.

Gold hits six-month high on QE3 from U.S. Fed

Posted by admin on 2012-09-14 09:36:03 +07

Gold rose sharply yesterday by 2% to hit six-month high of US$1770 (฿25,800 per baht). The gold became bullish after the U.S. Federal Reserve announced quantitative easing (QE3) saying it would buy $40 billion of mortgage-backed debt each month until the U.S. jobs improved its outlook, as long as inflation remained contained.

Gold falls by 2% to below $1600 on US Fed

Posted by admin on 2012-06-08 08:41:05 +07

Gold dropped to a week-low hitting US$1585 (฿23,800 per baht) after the U.S. Federal Reserve Chairman Ben Bernanke disappointed investors by giving few clues that further monetary easing was imminent taking the shine off gold. Gold will continue to stay below US$1600 unless the U.S. Federal Reserve take a different course.

Gold falls to lowest this year on Greek turmoil

Posted by admin on 2012-05-16 08:28:17 +07

Gold has dropped to its lowest point this year as the Greece crisis continues to weaken the Euro. Gold declined by 0.2 percent to $1544 (around ฿22,950 per baht gold). The Euro fell to a four-month low and global stocks dropped as Greece decided to hold new elections that raised concerns about Greece exiting the Euro zone. Investors thus turned to the safe-haven dollar.

Gold slumps to near US$1600

Posted by admin on 2012-05-09 08:17:01 +07

Gold suffered its sharpest daily decline in more than two months and slumped to a four-month low after falling by 2% to $1,595.50 (around ฿23,450 per baht). Fears about the political crisis in Greece and bailout plan sent jitters to the financial market effecting euro and the bullion market.

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