On Monday (13th), spot gold finally finished higher and fell slightly, ending at $1,724.04 per ounce, up $7.64 per ounce, or 0.45%, reaching a maximum of $1,733.00 per ounce, with the lowest price falling to $1,714.20. /ounce.
Thanks to the Greek parliament last weekend through fiscal austerity measures, the price of gold once returned to the vicinity of the 5-day moving average, but this measure triggered violence in the Athens area. Plus, Fitch downgraded the euro-zone multinational rating, the market worried about the European debt. The spread did not subside, and the dollar fell to a strong near-final low on Friday, causing gold prices to retreat.
After the Greek parliament voted to approve the financial austerity measures necessary to obtain rescue funds and avoid default, plus the European Union’s finance minister may approve the issuance of 130 billion euros (172 billion U.S. dollars) in rescue funds to Greece at the Brussels summit on Wednesday. Yesterday, the Asian Games rebounded to near the 5-day moving average.
The adoption of the fiscal austerity plan will provide Greece with enough incentives to prevent it from going bankrupt in the near future. But the Greek story is not yet over. At the same time, the Greek parliament approved financial austerity measures that triggered violent clashes. There have been reports of injuries and buildings being burned in Athens. The clashes with protesters shouting slogans.
The Greek government will pave the way for the conclusion of the bond replacement agreement and the release of rescue funds. The market is obviously relieved and rising.
Moody's lowered the multi-nation eurozone rating to boost the dollar. Moody's said that Italy and Malta have lowered their ratings from A2 to A3 and the outlook is negative. The ratings of Slovenia and Slovakia fell from A1 to A2 and the outlook was negative. Both France and Austria's AAA rating outlook have been adjusted negatively. Portugal's rating dropped from BA2 to BA3 and the outlook is negative.
Moody's said that the rating on the European Financial Stability Index (EFSF) was (P)AAA. At the same time, Moody's pointed out that the outlook for the British AAA rating has been adjusted to negative. And said that if it is ultimately considered that the level of debt in the United Kingdom can not be stable in 3-4 years, it may cut its rating. The US dollar index began to bottom out in Europe in the late afternoon and it continued to fluctuate higher during the New York session.
In Washington, U.S. President Barack Obama proposed a 3.8 trillion U.S. dollar draft budget to Congress, including raising taxes for the richest Americans, and setting the stage for his re-election of the president.
The world’s largest gold exchange deal**(ETF)--SPDR Gold Trust’s gold holdings as of February 10 increased by 0.31 tons to a level of 1,278.65 tons.
Under the influence of fears that Greece may veto its fiscal tightening policy, gold briefly recovered after it had touched around 1,700 US dollars on Friday. Although the Greek Parliament approved the austerity plan last weekend, it has very limited impact on the market sentiment, mainly due to the current obstacles to avoiding default disorder in Greece. And whether the European Union (EU) and the International Monetary Union (IMF) will demand that Greece explicitly promise that all members of the coalition government will firmly implement the agreement. Technically, since gold rebounded to a new high of US$1,763, it gradually declined. Currently, the daily line presents a small descending channel. The fork of the 5 and 10-day moving averages has been enlarged and is also located in the rising channel of US$1522-1649. Under the track.
Thanks to the Greek parliament last weekend through fiscal austerity measures, the price of gold once returned to the vicinity of the 5-day moving average, but this measure triggered violence in the Athens area. Plus, Fitch downgraded the euro-zone multinational rating, the market worried about the European debt. The spread did not subside, and the dollar fell to a strong near-final low on Friday, causing gold prices to retreat.
After the Greek parliament voted to approve the financial austerity measures necessary to obtain rescue funds and avoid default, plus the European Union’s finance minister may approve the issuance of 130 billion euros (172 billion U.S. dollars) in rescue funds to Greece at the Brussels summit on Wednesday. Yesterday, the Asian Games rebounded to near the 5-day moving average.
The adoption of the fiscal austerity plan will provide Greece with enough incentives to prevent it from going bankrupt in the near future. But the Greek story is not yet over. At the same time, the Greek parliament approved financial austerity measures that triggered violent clashes. There have been reports of injuries and buildings being burned in Athens. The clashes with protesters shouting slogans.
The Greek government will pave the way for the conclusion of the bond replacement agreement and the release of rescue funds. The market is obviously relieved and rising.
Moody's lowered the multi-nation eurozone rating to boost the dollar. Moody's said that Italy and Malta have lowered their ratings from A2 to A3 and the outlook is negative. The ratings of Slovenia and Slovakia fell from A1 to A2 and the outlook was negative. Both France and Austria's AAA rating outlook have been adjusted negatively. Portugal's rating dropped from BA2 to BA3 and the outlook is negative.
Moody's said that the rating on the European Financial Stability Index (EFSF) was (P)AAA. At the same time, Moody's pointed out that the outlook for the British AAA rating has been adjusted to negative. And said that if it is ultimately considered that the level of debt in the United Kingdom can not be stable in 3-4 years, it may cut its rating. The US dollar index began to bottom out in Europe in the late afternoon and it continued to fluctuate higher during the New York session.
In Washington, U.S. President Barack Obama proposed a 3.8 trillion U.S. dollar draft budget to Congress, including raising taxes for the richest Americans, and setting the stage for his re-election of the president.
The world’s largest gold exchange deal**(ETF)--SPDR Gold Trust’s gold holdings as of February 10 increased by 0.31 tons to a level of 1,278.65 tons.
Under the influence of fears that Greece may veto its fiscal tightening policy, gold briefly recovered after it had touched around 1,700 US dollars on Friday. Although the Greek Parliament approved the austerity plan last weekend, it has very limited impact on the market sentiment, mainly due to the current obstacles to avoiding default disorder in Greece. And whether the European Union (EU) and the International Monetary Union (IMF) will demand that Greece explicitly promise that all members of the coalition government will firmly implement the agreement. Technically, since gold rebounded to a new high of US$1,763, it gradually declined. Currently, the daily line presents a small descending channel. The fork of the 5 and 10-day moving averages has been enlarged and is also located in the rising channel of US$1522-1649. Under the track.
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