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New York Gold Prices Hit A 23 Day Biggest Single Day Decline In 5 Years.

2011/9/24 8:48:00 23

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US dollar

Rise

The price of gold, silver and platinum futures on the New York Mercantile Exchange plunged for second consecutive trading days on the 23 day of the fund clearing and the recent turmoil in the global financial market. The gold price hit the largest single day decline in 5 years.

On the 23 day, the most active gold futures traded in December fell $101.9 an ounce, closing at $1639.8, the 5.9% lowest since August 1st.

Many analysts on the Federal Reserve announced on the 21 day through the "sell short buy long" adjustment.

National debt

It is doubtful that the structure will lower the long-term interest rate and stimulate the policy of economic growth, which only aggravates market anxiety and leads investors to sell high-risk assets and pfer funds to the US dollar and the US debt market.

The recent turmoil in financial markets has prompted some investors to sell precious metals to make up for losses in other markets.

In an interview with reporters, Frank Les, a trader, said that the fund clearing was once again the theme of the market. In the commodity futures market, a large number of funds with large net positions in the commodity futures market were cleared up in many markets including metals, agricultural products (14.40,0.14,0.98%), and so on, and commodities continued to suffer heavy losses.

Lash said that because of the difficulty in keeping international gold prices stable, the recent sharp shock in the gold market and the divergence of knowledge about the effectiveness of gold hedging made us dollar and US Treasury bonds become the "safe haven" for investors when market fear increased.

Mike Daly, senior gold analyst at Bailey financial group, said that the continuous rise in the US dollar and the expectation that the gold market was overbought has intensified the already heavy sell-off pressure in the gold market, but the global economic outlook is low and the political geopolitical uncertainties are not decreasing.

The gold price has fallen 9.6% this week, the biggest week since the mid 80s of last century.

Decline

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Silver futures prices for December delivery fell $6.477, or 17.7%, at $30.101 an ounce.

Platinum futures in October dropped $97.4 an ounce, or 5.7%, to $1613.2.