Gold price further consolidation

Affected by the dollar’s ​​drop to a one-month low, the price of gold rose yesterday (March 30) in European time. The euro zone finance minister issued a statement saying that the cap of the two major aids will be raised to 700 billion euros. After the announcement, the price of gold was flat.

The reason for the higher gold price is that the dollar is weak and the latter gives gold some support. Until the end of February this year, the gold price had a very good start, but the consolidation is currently maintained.

In the coming weeks, the price of gold will be further consolidated and there will be downside risks. The stock market was under pressure this week, and crude oil prices also withdrew, which are all factors that are detrimental to the gold price.

The market's worries about the debt crisis in Europe helped the gold price hit a record high last year. Since then, gold has re-established a reverse trend with the US dollar. Therefore, the good news in the euro zone will put pressure on the US dollar and help the price of gold.

In the short term, the price of gold may be affected by the effectiveness of the euro zone's plan to increase aid.

If the market considers this plan to have sufficient easing effect on the short-term liquidity problems in the euro area, risky assets including gold may benefit.

Platinum producer Pallinghurst said on Thursday that the South African government plans to invest US$420 billion in cooperation with Pallinghurst Resources to operate the platinum industry, making it the world’s third-largest platinum producer.

At 09:28 GMT, today's gold price quoted at 1668.09 U.S. dollars per ounce.

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