{"id":10127,"date":"2010-06-10T08:50:57","date_gmt":"2010-06-10T12:50:57","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10127"},"modified":"2010-06-10T08:50:57","modified_gmt":"2010-06-10T12:50:57","slug":"spot-gold-prices-fall-from-record-high","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/10\/spot-gold-prices-fall-from-record-high\/","title":{"rendered":"Spot Gold Prices Fall from Record High"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; Spot gold prices <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/06\/09\/doji-candlestick-signals-change-in-the-trend-for-spot-gold\/\">fell  from their record high <\/a>following rising Chinese exports and  positive comments from Fed Chairman Ben Bernanke. This helped to reduce  the level of risk aversion in yesterdays trading as traders bought  riskier assets, shunning safe-haven assets such as spot gold and the  U.S. dollar.<\/p>\n<p>The price of spot gold fell yesterday  and continued its decline into the afternoon hours of today\u2019s European  trading session. Spot gold is currently trading down at $1224 from an  opening day price of $1230.60. This is off from <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/06\/09\/doji-candlestick-signals-change-in-the-trend-for-spot-gold\/\">Tuesday\u2019s  record high <\/a>price of $12156.70.<\/p>\n<p>Due to the positive sentiment, traders bought higher yielding assets  such as the euro, spot crude oil, and equities.<\/p>\n<p>Higher yielding currencies and equities were in favor yesterday after  the release of a report showing Chinese exports rose a whopping 50% in  the month of May.<\/p>\n<p>Also Ben Bernanke\u2019s testimony before Congress helped to increase  trader\u2019s risk appetite. Bernanke forecasts the U.S. economy to grow  between 3%-4% this year. The Fed chief also expects consumer and  business spending to make up for the end to the government stimulus in  the economy. Bernanke said he did not understand the surge in the price  of gold given the declining price of other commodities but identified  with investor need for safe-haven asset in times of market uncertainty.<\/p>\n<p>Over the past 5 months, spot gold prices have risen to record levels  as the European debt crisis unfolded. Fears of a restructuring or a  default in the debts of Greece, Portugal, Spain, and Hungary have driven  investors to seek safe haven assets.<\/p>\n<p>Short term price declines in spot gold may continue if further  positive economic data is released, driving traders to riskier assets.  The near term support levels for spot gold trading rests at $1219,  followed by a range between $1192 and $1197.<\/p>\n<p><strong><em>Forex Market Analysis<\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex       Yard.<\/a><\/strong><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and       may not be suitable for all investors. There is a possibility that     you   could sustain a loss of all of your investment and therefore  you     should  not invest money that you cannot afford to lose. You  should  be    aware of  all the risks associated with Foreign Exchange  trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; Spot gold prices fell from their record high following rising Chinese exports and positive comments from Fed Chairman Ben Bernanke. This helped to reduce the level of risk aversion in yesterdays trading as traders bought riskier assets, shunning safe-haven assets such as spot gold and the U.S. dollar. The price of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/06\/10\/spot-gold-prices-fall-from-record-high\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Spot Gold Prices Fall from Record High&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10127","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=10127"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10127\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}