The price of gold fell at the start of the new week. Finally, the price for a Troy ounce (about 31.1 grams) of precious lost metal of 0.60 percent to 1724 Dollar. In euros, the price dropped reckoned by 0.42 per cent to 1584 Euro per fine ounce. The recently broken-up brand of 1600 euros is lost for the time being. Gold in Euro 1.586,88 EUR -4,20 (-0,26%) OTC
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In the important Dollar price, however, kept the round mark of $ 1700, although the price has moved away from its recent High at 1765 dollars noticeably. As long as this brand holds up, looks Commerzbank commodity expert Carsten Fritsch, it is also safe for the price.
“We consider this as a consolidation after the strong rises in the last few weeks. Gold had marked a week ago, a seven and a half-year high, silver had risen in the course of which is also strong. As long as Gold asserts itself through the trademark of 1,700 USD, this is, in our opinion, after only a short breather in the uptrend intact,“ wrote Fritsch in a recent comment.
A slip below this mark could trigger a longer-term correction. But Fritsch did not consider very likely, as the speculative interest in Gold is currently particularly high, and Fritsch.
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Gold: ETF moves-investors, accessed last diligently
in Addition, there is further support by ETF buyers, whose buying mood was unbroken. “On Friday inflows of 7 tons of Gold and 281 tons of silver have been reported in the Bloomberg acquired ETFs. This also speaks against a stronger price correction“, noted the expert.
this support factor pointed out previously, Ulrich Stephan, chief investment strategist for Deutsche Bank. So it was already in the tributaries in April, the strongest demand in four years.
“As precious metals remain in a continuing uncertainty as a hedging instrument sought after, the price I see further upside potential for the gold. Also, gold investments should benefit from a further fall in global interest rates,“ is, therefore, the conclusion of the experts. Everything about the development of the Corona-crisis
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