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Gold dumps to lowest levels since March 2010
FXStreet (Guatemala) - Gold has collapsed to the lowest levels since March 2010, and without there being a particular catalyst that has yet been reported.
Gold spot is in decline in the Asia shift as China opens. Whether this is further supply on the concerns that the Gold price will correct while the Federal Reserve readies to tighten or classic case of fat fingers in Asia we are yet to find out. However, the price went from $1,131.75 the high on the 10 mins sticks down to $1,081 and recovered back to $1,102 at time of writing.
In respect of the Fed, the way that the Fed handled QE and the tapering was seen as successful and we are en route for a 2015 rate hike, as underpinned by Yellen’s testimony last week. Analysts at Brown Brothers Harriman explained that the Fed appears to be sticking with that strategy: “Say what you are going to do. Give domestic (and foreign) investors plenty of time to adjust their exposures accordingly. Then do it. This speaks to the Fed’s transparency and credibility. A September rate hike maximizes the Fed’s options. It could go again in December. That would be the two rate hikes that a slim majority of Fed officials thought would be appropriate in at the June meeting. Without hiking rates in September, the Fed loses that option.”
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