Precious
metals are deemed weak as the price
of gold declined further earlier today. The price fell by 1.3%, equivalent to
$22.03. This saw gold sell at $1,664.27 per ounce very early in the morning.
Despite a lack of strength in the price of the US dollar, gold subsequently
found itself wobbling back $1,672.
On the other
hand, SLV totally
underperformed GLD as it
tumbled by 2.1% or $0.68 in the morning at a very low of $31.62. However, like
gold and other sister precious metals, it also regained towards the close of
the day to trade at $3,190. As the price of gold advanced slowly in each of the
past two weeks, the decline recorded earlier today was brought about by yellow
metals towards the midpoint of the whole trading range. However, the gold price
still remains slightly over 13% below the all-time high record of $1,923 per
ounce.
Contrastingly,
analysts at Morgan Stanley actually offered a more constructive and positive
view on the gold prices. And even though the firm lowered its earlier 2013 gold price average forecast
by 4% to $1,773, the earlier longer term bullish outlook was reiterated.
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