Amazon Gold Ventures - Gold prices remain volatile by Phillip Gold on February 21, 2012 0
Gold remains stable on Tuesday as developments in Greece's struggle with its debt engage investors. This after Athens postponed a decision to accept the terms of a new rescue plan.
Precious metals have fallen to a 1. 5-week low in previous sessions after a feeling of Greece's possible bankruptcy continues to motivate concern.
Most markets have fallen, while investors have not yet decided whether the Greek crisis will finally be resolved or cause a financial collapse among other euro area countries that are already vulnerable.
Gold was barely traded in the United States at $ 1,724.
Although the price of gold has fallen during two consecutive sessions, experts and traders say that the long-term favorable trend for gold still remains, supported by demand for a shady international economic outlook and hopes for financial relief in key world markets.
U. S. labor market data on Friday dropped local gold to nearly 2% as it dashed hopes of a new quantitative easing in the near future. But the very lax fiscal policy of the US Federal Reserve System could help increase gold in the long run.
The critical support level for gold will be $ 1,680 while spot gold may drop to $ 1,696 during the day.
According to HSBC, they keep their gold forecast for 2012 at $ 1,850 per ounce due to positive international monetary policy and fear of investing in the financial markets.
The decline in gold prices has tempted several purchases in Asia, such as China and India. However, investors are still waiting to be suspended before deciding what to do in Japan.
An official in Tokyo noted that everyone seems to be aware of what will happen, but they saw no interest in selling or buying.
Meanwhile, the discount for gold bars in Tokyo rose to 75 cents per ounce from 50 cents in January.
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