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Amazon Gold Ventures: Gold Prices Stay Volatile

By Amazongold Subscribe to RSS | February 22nd 2012 | Views:
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Gold remains steady on Tuesday while developments in the struggle of Greece with its debt is keeping investors busy. This is after Athens has postponed decision on whether to accept the conditions of a new bailout plan.

Precious metals dropped to a 1.5-week low in the past sessions after sentiment on Greece’s possible default continues to warrant concern.

Most of the markets went down while investors are still undecided if the Greek crisis will eventually be solved or spark a financial breakdown among other countries in the Eurozone that are already vulnerable.

Gold barely changed in the US at USD1,724.

Even though price of gold dropped for 2 successive sessions, experts and traders are saying that the gold’s long-term affirmative trend still remains, backed by the demand on a shady international economic viewpoint and the hopes of financial easing in the key markets of the world.

The US jobs information knocked down the spot gold to almost 2% on Friday while it reduced hopes for a new quantitative easing in the near future. However, the very loose financial policy of US Federal Reserve can aid in boosting gold when considering the long-term.

A critical support level for gold will be USD 1,680 while spot gold can drop to USD 1,696 during the day.

According to HSBC, they are keeping their 2012 mean gold forecast at USD 1,850 per ounce because of positive international monetary policies and investor fears regarding the financial markets.

The decrease in gold prices has tempted several buying in Asia, such as China and India. However, investors are still waiting on the sidelines before they decide on what to do in Japan.

An official in Tokyo remarked that everyone seems to be keeping watch on what is going to unfold but they have not seen any interest on selling or buying.

Meanwhile, the discount for bars of gold in Tokyo has increased to 75 cents per ounce from 50 cents in January.

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