Gold prices ended Tuesday's session down 1.29% as a robust dollar and technical selling continued to weigh on the market.
Gold has been under pressure for a long time and this month was no different from the previous ones. With the help of the support around the $1166 level, the market tried to pass through the $1207/0 region but the bulls surrendered after the initial rally faded as buying dried up.
Gold prices ended Tuesday's session down 1.63%, or $19.70, to settle at $1187.04 an ounce as a strong rally in the dollar drew investors away from the market.
Gold retreated on Wednesday as investors took profits from a recent rally to a three-week high. I have to say that gold had an interesting month; the market initially advanced to the $1225/2 area then spent the next three weeks grinding lower -despite the weakness in the dollar- and rose sharply again this week.
Get the March 2015 forecast for Gold here.
Although gold prices suffered a weekly loss of nearly 0.86%, the market had a strong month overall. Get the forecast for February 2015 here.
Gold had ended 2013 at $1206.80 per ounce and as you can see, today we are almost at the same level where we were one year ago.
The XAU/USD pair posted first weekly loss in three weeks as a strong rally in the U.S. dollar and waning inflationary pressure curbed demand for the precious metal.
The price of gold bullion tumbled another $29 per ounce on the last trading day of the week and the month as investors liquidated bullish bets after the American dollar got a boost from the Bank of Japan's unexpected decision to expand its already massive monetary stimulus program.
Gold prices suffered a monthly loss of nearly 5.5% as a rally in the U.S. dollar and gains in the major stock markets dulled the precious metal's attractiveness.
The XAU/USD pair rose %0.55 over the course of the week as concerns over escalating conflict between Ukrainian troops and pro-Russian rebels in eastern Ukraine increased desire for the relative safety of gold.
Get the gold price forecast for the month of August 2014 here.
The XAU/USD pair (Gold vs. the American dollar) scored a gain of 0.74% on Thursday as the unfolding problems in Portugal reignited concerns over the European banking sector.
The gold markets rose higher during the session on Thursday, piercing the $1335 level.
The XAU/USD pair scored a gain of 5.3% on a monthly basis as the U.S. Federal Reserve’s dovish stance and geopolitical unrest in Iraq and Ukraine buoyed the precious metal’s appeal. Get the forecast for the month of July 2014 here.