The price of gold moves like a seesaw on the Asian session Wednesday (01/07) is with investors who watched China manufacturing survey results and also still in Greece debt chaos, to get clear instructions about where the market's next direction. The price of gold futures on the Comex Division of the New York for delivery in August was at a price of $ 0.429 per troy ounce.
Gold
Last night, the gold price slightly stepped down, extending a decline from the previous session amid the rise of the dollar due to talk about the crisis in Greece that ensures the country should declare themselves default due to nonpayment of debt to the IMF. Meanwhile, the price of spot gold rose to the position of $1, thin 173.80 an ounce early in the day, but had experienced a slump of up to 0.7 percent in the previous session. The spot price of gold dropped to $1, at the previous session 166.35, the lowest level since June 5.
- The Strengthening Of The Dollar
The u.s. dollar, which traded upside-down against gold, on a Tuesday night last strengthened after data on U.S. consumer confidence suffered a pretty solid improvement in June, supporting the view that the u.s. economy began to recover, rising interest rates and The Fed will be implemented in September. On the other hand, the CFLP China manufacturing for June and PMI services recorded at level 50.2, thin enough under the expectations of 50.3 and unchanged from the data in the last month. However, the final Markit China Manufacturing PMI dropped to as low as 49, as compared to the PMI manufacturing introduction in final figures and 49.6 in may amounted to 49.2. (Read also: Quiet Gold washed away)
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