Gold prices ended Tuesday nearly unchanged as investors remained cautious ahead of the Federal Open Market Committee announcement today.
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.