Gold futures traded near its lowest level in two weeks?

SINGAPORE. Gold futures today traded near its lowest level intwo weeks. The decline in gold prices is in line with the decline in the stock market and commodities.


This morning, the contract price of gold for fast delivery fell 1.9%to U.S. $ 1610.13 per troy ounce. This is the lowest level sincelast October 5 and decreased for four consecutive days. At 14:46pm Singapore time, the same contract traded at U.S. $ 1623.27.

Decrease in the contract price of gold occurs after the Frenchand German media reports differ about how to improve theEuropean rescue fund. It raises concerns that the debt crisis will continue.

"The price of gold is still consolidated in the price range of U.S. $ 1,600 to $ 1,700. The decline in gold prices is limited becauseEuropean problem can not be completed within a period ofovernight. Gold is still viewed as a safe haven," said ChengXiaoyong, an analyst at Baocheng Futures Co..

He also added that the contract price of gold will still betersokong by the disruption of global gold supply and high demand in Asia.
Source: kontan.co.id
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