Gold Sees its Lowest in Five Years

Iraqi Dinar 123 News:– On Wednesday, the price of gold was recorded at 1100 U.S dollars per ounce and it seems near to its lowest level during the last five years with the attentiveness of the market which resulted as the shoofly meeting, in searching for more clues at the time of raising interest rates by the U.S Central Bank. It is more likely confirms from the U.S policy makers for strengthening the labor markets and the U.S economy. It also brings them on the way in order to increase the interest rates in the month of September as sliding risks of gold. There is not any kind of guarantee of increasing interest rates. It is also confirmed that spot price of gold increased at 0.2 percent with 1097 U.S dollars per ounce.

The price of gold was recorded yesterday at 1077 U.S dollars per ounce which is considered the lowest price since the month of February 2010. It is important that tracking the wave impact of selling in the Shanghai and New York, most of the investors cut back their contact, because they fear that gold price would show more decline in the coming days. The U.S gold future contracts for the month of August delivery not showing a little change and settled at the price of 1097.40 U.S dollars per ounce. The price of silver price is also increased in spot transactions at 0.3 percent with 14.72 U.S dollars per ounce. The price of Platinum also increased at 0.2 percent with 983.50 U.S dollars. The price of Palladium increased at 0.7 percent with 623.55 U.S dollars per ounce and non-precious metals were at near their previous levels.

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