Gold Prices Trends Today
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Gold Prices Trends Today
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Just a few hours before the FOMC released their statement on Wednesday the gold price was briefly sold off. Then straight after the announcement the gold price took another sharp fall breaking through $1,330 per ounce (troy). From there it gradually regained strength and carried on through Thursday and Friday, ignoring the good US jobs data to reach a new all time high of $1,398. In Monday’s trading the gold price smashed through $1,400 an ounce.
Is the dollar doomed?
The US dollar has slid into dangerously oversold territory once again, but this time there’s no reprieve in sight. So far this year gold has gained over 27.5 percent in dollar terms.
The Financial Times quoted Citigroup’s head of FX strategy, Steven Englander, as he highlighted the problems now facing the dollar…
“We think that reserve managers will contribute to the next stage of dollar weakness as QE2 confirms their worst fears about the Fed’s intentions and the quality of their reserves portfolios.”
“The Fed’s QE2 announcement, whilst not a shock, just serves to remind reserve managers that they will have even more dollars in their portfolio if they do not move aggressively.”
“The historical record suggests that under these circumstances they are very likely to become dollar sellers in coming weeks.”......READ MORE RESOURCES
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