Price of gold and silver fell sharply in trading today as the dollar continues to gain strength against the Euro. The dollar rose against the Euro after a weaker than expected economic data in the Eurozone.
The dollar is also gaining an appetite for risk assets waned after China cut its growth target of GDP for the first time in eight years.
The final check on the spot gold trade was 0.52% lower than $1,702.84 per ounce. Gold futures for April delivery on the Comexdivision of the New York Mercantile Exchange are currently trading0. 61% lower at $ 1,699.30 an ounce.
Gold fell 3.9% last week. Although the fundamentals of the precious metal remain intact, it may fall further in the coming days.
Today, UBS said in a research note that factors such as the explosion of the balance sheets of central banks in industrialized countries and the large gold exports from Hong Kong to China in the fourth quarter were regularly cited as reasons for watching this year’s Pro Gold. UBS said that if the macro-community seems to be in a time of waiting, not willing to take the first step one and it seems that gold, the best thing to do now is to consolidate, in the low $1700′s and a degree of confidence that a bottom is near inspiring.
Silver prices are also a sharp decline in trading today. The final check on the spot silver trading was 2.21% lower than $ 33.68 per ounce.
The iShares Silver Trust (ETF) (NYSE: SLV) is currently trading2. 87% lower at $ 32.80, the ProShares Ultra Gold (ETF) (NYSE: AGQ) is currently trading 5.73% lower at 59, 92 $, and on ultra-short silver(ETF) (NYSE: ZSL) is currently listed at $ 9.83 5.81%.
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