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Author; Erlangga Djumena SINGAPORE, Make Money Blogs - Contract price of gold seems to be the first weekly decline in three weeks. The fall in the price of the sleek yellow-related measures that the European leaders agreed to provide a new bailout for Greece.
Friday morning, the contract price of gold for quick delivery fell 0.3 percent to 1586.25 U.S. dollars per troy ounce on the Comex in New York. At 10:02, the same contract at the level of 1590.53 U.S. dollars per troy ounce. Meanwhile, gold prices in the spot market is currently experiencing a decrease of 0.2 percent.
"The decline in gold prices is always happening in the market when prices are climbing higher. By this week, we saw what a huge jump in gold prices. However, the level of demand is still very strong and able to absorb the sell gold in the market," said Gordon Cheung,trader Standard Merchant Bank (Asia) Ltd..
As is known, after eight hours of talks in Brussels, Belgium, it was decided that Europe will provide new assistance to Greece worth 159 billion euros, equivalent to 229 billion U.S. dollars. Related to that, they recommend to the bondholders to participate in buying the bonds.
In addition, Europe will also empower the rescue fund worth 440 billion euros to buy bonds in a number of troubled countries in the European region. Another objective was to avoid the spread of the crisis in the region. (Barratut Taqiyyah / Cash)
Friday morning, the contract price of gold for quick delivery fell 0.3 percent to 1586.25 U.S. dollars per troy ounce on the Comex in New York. At 10:02, the same contract at the level of 1590.53 U.S. dollars per troy ounce. Meanwhile, gold prices in the spot market is currently experiencing a decrease of 0.2 percent.
"The decline in gold prices is always happening in the market when prices are climbing higher. By this week, we saw what a huge jump in gold prices. However, the level of demand is still very strong and able to absorb the sell gold in the market," said Gordon Cheung,trader Standard Merchant Bank (Asia) Ltd..
As is known, after eight hours of talks in Brussels, Belgium, it was decided that Europe will provide new assistance to Greece worth 159 billion euros, equivalent to 229 billion U.S. dollars. Related to that, they recommend to the bondholders to participate in buying the bonds.
In addition, Europe will also empower the rescue fund worth 440 billion euros to buy bonds in a number of troubled countries in the European region. Another objective was to avoid the spread of the crisis in the region. (Barratut Taqiyyah / Cash)
Source:kompas.com
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