06:05 PM (MSK). Gold at $1000...
2010-02-08 13:18 |
Worries about European and global economy made gold down. In final two sessions of the week gold futures for February delivery lost $60 and became $1,052.20 an ounce on Friday. Gold is 14% below its maximum of $1,226.40 in December.
Adjusted by recent selloff and short-term speculators leaving the market, gold price has become more rational. Although gold price can continue its decline, the level near $1,000 seems rather stable. Jon Nadler, Kitco Metals analyst, claimed that in this situation fear and sobriety of traders are likely to be leveled by each other.
Carlos Sanchez, associate director of research with commodity research and consultancy CPM Group, expressed the same idea. According to him, gold price will rest above $1,000 until the raise of U.S. interest rates.
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