- WORLD EDITIONAustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Gold has fallen to its lowest price since July 2011, largely as a result of technical factors.
Gold fell on Friday to its lowest price point since July 2011. The yellow metal hit an early morning trade price of $1,498.30 an ounce before recovering some of its losses.
The price drop does not come on the back of any major news, with traders identifying the fall as largely technical, spurred on by heavy stop-loss selling. “It’s a liquidation event. The market is forcing people out,” Frank Lesh, broker and futures analyst with FuturePath Trading, told Kitco.
In light of the worsening Cyprus banking sector and growing concerns that Eurozone nations will sell their gold to raise cash, gold investors seem to have lost confidence in gold as a safe haven asset. Frank Cholly, senior commodity broker at RJO Futures in Chicago, told Bloomberg that “[t]he argument for gold as a safe haven or protection against inflation just isn’t there. We have a risk-on market, with a lot of money pouring into equities. It doesn’t look too good for gold.”
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.