The global market of gold has recently seen a sharp price decline. Within a day the precious metal became $130 cheaper, thus reaching 1716,5/oz, the lowest level over the last 2 weeks.
The AM Fixing price in London also declined by 7.2%. The recent prices at COMEX have been in the range between $1715,3 and $1719,9/ oz.
The price of gold at NYMEX also declined by 5.6% (or - $104). The official price is $1757,3/oz , the lowest value since August 12th. Most experts say that gold got cheaper on technical sales and profit-fixing.
According to Ivan Kurapov, Chief of the Department of Market Sentiment Analysis, , says that the market gold is still rallying. The rally is unlikely to be suspended in the short run. However, at this point it is difficult to specify any targets. One thing is sure: it is not recommended to make long-term investments in gold until there is a major retracement.
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