Gold prices are close to the maximum of 7.5 months
SINGAPORE (Reuters) – Gold prices held near a maximum of 7.5 months, as investors bought safe assets on the background of the downturn in the stock markets and fears for the global economy.
Gold traded at $ 1.182,80 per ounce compared to US $ 1.188,46 at the close of trading on Tuesday, as the US futures fell $ 15.50 to $ 1.183,10 per ounce. On Monday, the spot price has reached the highest level since June 22 of $ 1.200,60.
Stock markets are falling because of concerns over the state of the banking sector of the euro area. According to market participants, it is a soft policy of central banks adversely affects the banks’ profits and ultimately their ability to pay debts.
These fears have forced investors to buy low-risk assets such as gold, government bonds and the Japanese yen. In the near future gold price will continue to rise, said analyst Edward Meir INTL FCStone.
In his opinion, the speech of the Fed Chairman Janet Yellen to be held on Wednesday, too, will support prices. Analysts expect that Yellen would try to justify the first in 10 years, the central bank raising interest rates, which occurred in December, and further confirm the plans, but the slow, rate hikes this year.
"We assume that its comments will be extremely soothing, and they will allow the dollar to continue to decline and support the commodity markets at the end of the day"- Meir said.
Sellers of gold in India offer a record discount of $ 25 per ounce to the quotations in London to attract buyers.
Silver traded at $ 15.12 per ounce compared to $ 15.23 for the close of trading on Tuesday, platinum worth $ 922.90 compared to $ 932.20, and palladium – $ 509 against $ 513.30.
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