Now already USD 1312/oz

Gold falls to 6-week lows as Fed stimulus verdict looms

Gold fell for the third consecutive session on Wednesday to a six-week low, as markets paused, expecting the U.S. Federal Reserve to announce a reduction, albeit small, in its bullion-friendly stimulus measures.

Traders said the gold market would stay in tight ranges as investors were unwilling to take fresh positions before the outcome of the Fed's policy review. Chairman Ben Bernanke will hold a news conference later today.

Gold slips to $1,290 as India slaps 15% duty - New Delhi acts to protect interests of small artisans

Spot gold price tumbled below the psychological $1,300-mark on Wednesday for the first time in more than a month after the gold’s biggest consumer, India, hiked import duty on gold and silver jewellery by another 5 per cent on Tuesday in a bid to safeguard local jewellery-makers.

India yesterday hiked the import duty on gold and silver jewellery to 15 per cent from the earlier 10 per cent “to protect the interests of small artisans.”

According to the official statement, authorities said an import duty differential between finished jewellery and solid metal is needed to protect millions of Indian artisans who depend on the labour-intensive industry.

Now already USD1296/oz & going lower

This post has been edited by davinz18: Sep 18 2013, 11:18 PM

usd 1196/oz on 25 June

http://goldprice.org/live-gold-price.html (change the time scale to daily)

I agree

Nowadays a lot of cheating people selling Fake gold or lower level of purity then stated

Gold hits one-week high after Fed keeps on easing

Gold hit a one-week high on Thursday as the dollar fell after the U.S. Federal Reserve stunned markets by choosing not to cut back on its asset-buying programme for now.

"If people have a view that this is a game changer for the Fed, then that may change their perception of what's good value for gold," Standard Chartered analyst Dan Smith said.

"(We) are seeing that the Fed will only start tapering in March 2014 because of the change in emphasis from the labour market to inflation."

"The (Fed) decision, combined with the upcoming debt ceiling debate, leaves risks to gold prices as skewed to the upside in the near term," Goldman Sachs said in a note.

"(But) we continue to expect that gold prices will resume their decline heading into 2014, when we expect economic data to solidly confirm a reacceleration in U.S. growth and warrant a less accommodative monetary policy stance."

Gold's rise may be short lived

Australian goldminers may be cheering the US Federal Reserve's decision not to begin tapering, but the party is likely to be short lived.

In the short term, gold has won a reprieve, but traders are taking a downbeat view on the long-term outlook.

The question of tapering is not if, but when. Eventually, once the Fed pulls back its bond purchasing, goldminers are likely to come under pressure.

''There's nothing fundamental in gold, you can't really trade gold or gold stocks on fundamentals, gold

itself is just store of value,'' said RBS Morgans senior trader Luke McElwaine. 'The reality is a lot of these producers have very high costs of production. It gets to the point where some of them will struggle to be profitable given a lower than expected gold price.''

I cannot comment much, it's their own risk

Gold Rallies to One-Week High

Gold hit a one-week high on Thursday as the dollar fell after the U.S. Federal Reserve stunned markets by choosing not to cut back on its asset-buying programme for now.

"If people have a view that this is a game changer for the Fed, then that may change their perception of what's good value for gold," Standard Chartered analyst Dan Smith said.

"(We) are seeing that the Fed will only start tapering in March 2014 because of the change in emphasis from the labour market to inflation."

Higher prices kept buyers away in Asian markets, with China closed for the Mid-Autumn Festival holiday and demand in India curbed by official restrictions on imports.

India's central bank and government have taken several steps this year to curb bullion imports in an effort to reduce its record trade deficit.

Now rm142/g

http://jinjack.net/vdraw/grab/gold_rate/

The price chart looks "flat" only. Will the price go up again or dropped? Only time can tell

Gold Spot price dropping slowly now

Now USD 1356/oz

This post has been edited by davinz18: Sep 20 2013, 03:50 PM

Gold Cuts Weekly Advance on Slowing Physical Demand, U.S. Data

Gold fell for the first time in three days, cutting a weekly gain, as a rally following the Federal Reserve’s decision to hold stimulus curbed physical demand and as data showed signs the U.S. economy is improving.

“Physical demand has really slowed” after prices climbed, Bernard Sin, head of currency and metal trading at bullion refiner MKS (Switzerland) SA in Geneva, said today by phone. “There will be quantitative-easing tapering at some point.”

“Bullion was weighed down by the release of better-than-expected U.S. economic data,” Howard Wen, an analyst at HSBC Securities (USA) Inc., wrote in a note. “The Fed tapering decision is no longer a surprise and we wonder how much more traction the gold market can get from the Fed decision.”

Now USD 1337/oz

Closing Price for the week USD1325/oz & MYR 134/g

Gold sinks 2.5 pct on new fears Fed may reduce stimulus

Gold sank 2.5 percent on Friday as institutional investors sold aggressively after the Saint Louis Fed president said the U.S. central bank might move next month to reduce stimulus spending that has bolstered
bullion for years.

"The gold market had rallied substantially on tapering being taken off the table. Now Bullard's comments have injected some uncertainty near term, and that has prompted a wave of selling in the gold and the precious metals complex," said James Steel, chief precious metals analyst at HSBC.

Option-related selling accelerated gold's decline, said Comex gold options floor trader Jonathan Jossen, noting that many participants exercised put options after heavy buying of inexpensive puts following Wednesday's rally. Relatively thin volume during gold's rally this week also suggested that gains could be short lived, Jossen said.

In addition, a two-percent drop of open interest in Comex gold futures on Wednesday showed the post-Fed rally was driven by investors who bought back previously bearish bets instead of new money, analysts said.

It could drop again next week. We cannot predict the price movement

Website to monitor the GIA

http://jinjack.net/vdraw/grab/gold_rate/