Because the economy continued to get improvement, the forex investors decreased their hedge buying in the forex market, therefore, gold futures in COMEX was closed low on Thursday (January 6), and that would be the third trading day for this forex price to be closed low in succession.
Gold future contract in COMEX in February was closed low by 1.60 US dollars per ounce to 1372.10 US dollars per ounce, and the slump amount was 0.1 percent. In the previous trading session, gold future forex price had reached the lowest point since December 16 at 1364.00 US dollars per ounce, and it repeatedly reached 1432.50 US dollars per ounce – the historical high point on December 7.
According to the latest data of DOL which was released on Thursday that the initial unemployment number at the beginning of the week of January 1 in US was increased by 0.18 billion to 4.09 billion, and the previous expectation was 4.00 billion.
Leonard Kaplan, the president of Prospectors said gold forex price might just be at the end of the bearish market, because the economy is getting improved and once the forex rate was increased, the gold forex price would be forced to go down.
Edited by Laura in Ikon Group.
Gold future contract in COMEX in February was closed low by 1.60 US dollars per ounce to 1372.10 US dollars per ounce, and the slump amount was 0.1 percent. In the previous trading session, gold future forex price had reached the lowest point since December 16 at 1364.00 US dollars per ounce, and it repeatedly reached 1432.50 US dollars per ounce – the historical high point on December 7.
According to the latest data of DOL which was released on Thursday that the initial unemployment number at the beginning of the week of January 1 in US was increased by 0.18 billion to 4.09 billion, and the previous expectation was 4.00 billion.
Leonard Kaplan, the president of Prospectors said gold forex price might just be at the end of the bearish market, because the economy is getting improved and once the forex rate was increased, the gold forex price would be forced to go down.
Edited by Laura in Ikon Group.