Fundamental for gold Gold down almost 1 % to a near 4 month low on Friday, extending its losing strength a last 4 consecutive days, due to selling by commodity funds. For the week, gold lost about 3.5% for its worst decline since late November 2013. Heavy technical selling throughout the week sent bullion prices below $1,250 for the first time since Feb. 4.Some hedge funds are forced to sell commodities to raise cash to pay for losses in their bearish bets against the rallying U.S. government bond prices. Analysts noted a breakdown of gold’s usual inverse correlation with U.S. bond yields. Yields on 10-year U.S. Treasuries fell sharply this week to hit their lowest in 11 months. Source: Financeroll
Posted on: Mon, 02 Jun 2014 12:15:05 +0000
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