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Following the meeting of Group of Seven today which lowered the metal’s plea as an optional investment, the gold came down by more than one percent with as euro came down against the dollar. From Platinum, Palladium, and silver they all witnessed a fall of three percent. The platinum slid down below the two thousand dollars an ounce and as for the silver it dropped to a ten day low.

The gold before increasing to $920.48/921.18 it slipped to $914.08 an ounce against $924.58/925.38 in New York. On March 17 it reached to $1.0380.78 which is a record. According to Mr. Tom who is a metal strategist at Mitsubishi Corp until the euro/dollar duo break from its position of $1.5548-$1.5858 lately these costly metals will probably persist to tread water.

The Bullion investors are still optimistic for a time period to a maximum of six months. But they would like to warn that if more liquidation is continued then that it could result to distress in the selling of the merchandise in the coming future. Asian shares are also dropping and for the fifth time in succession the European stocks are also falling. The euro slashed down as compared to the dollar following the Group of Seven showed a major concern for the major changes in the major currencies across the world.

The profits were also restricted with the constant fears that directly concern the economy of America. The euro was at last at $1.5806. A firm dollar formulated in making the gold more valuable for the bearer of other currencies and regularly slashes bullion demand. The oil became easier to trade i.e. around $108 a barrel.

Not able to stay over the main level of $928 encouraged the investors to do more business. For making their future marketing decisions they are awaiting this week’s American data for retails sales, prices for the producer, quarterly earnings by the banks in America, and consumer prices. There are some analysts who are of the view that the there are chances that the gold will make progress.

According to a report of Standard Bank there are probabilities that purchasing a good deal might raise the prices forward seeing the nervous week. The gold enjoys a support at $912 along with $908 and $902 as prospects. As for the other markets, American gold for the month of June delivery slipped down $2.48 to $924.48 an ounce. Platinum slashed down to $1938 an ounce and was last estimated at $1946/1956 against $ 2000/2005 late on Friday which concluded a feeble gold.

It was on March 4th when it touched a record high of $2288. Staying optimistic Citigroup Global Markets and increased the forecast prices for platinum to $2003 an ounce in 2008 and $1798 in 2009 as compared to their early forecast of $1694 and $1498 an ounce.   

According to a market report it has been said that the decision for the platinum price that is kept over $1998 during the first quarter of 2008 has successfully created a standard for the prices of the metal. The silver also noticed a downfall of $17.23 an ounce before it rose up to $17.49/17.54 an ounce against the $17.73/17.79 in New York. The Palladium also witnessed a downfall to $454/461 an ounce to $464/472.  

This entry was posted on Monday, April 14th, 2008 at 1:08 pm and is filed under Forex News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.