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Gold Sliding Again

Gold Sliding Again Gold Sliding Again

Just before the announcement of the latest Federal Reserve rates decision, the gold price has tumbled sharply once again from its recent high watermark, MarketWatch reported. Having peaked at $1,182 an ounce just before the announcement last week, it has now plunged for five consecutive sessions and dipped as low as $1,114 in Asia overnight before finally stabilizing. The fall marks the longest losing streak since September and the lowest settlement for five weeks, MarketWatch notes. Gold was trading at $1,118 in Europe on Friday. Experts says that the fact the precious metal has fallen below its recent support levels of both $1,165 and $1,150, where selloffs typically come to an end, means there is every chance the price could fall even further in the near term. The gold price could be set to return to the five-year lows of this summer, as markets await a US jobs report later this afternoon that will give further clues on whether the Federal Reserve will increase interest rates next month.

 

Financialtribune.com