Gold Prices Fall Along Strengthening U.S. Dollar

Recorded a decline in gold prices again on Monday (4/16/2012) this morning. This morning, gold prices in the spot market fell 0.5 percent to its lowest level in the last week in the position of 1649.32 U.S. dollars per troy ounce. At 9:59 pm Singapore time on the spot market price of gold traded in the position of 1651.93 U.S. dollars per troy ounce.

Just so you know, on 13 April and the price of gold dropped 1.1 percent as the dollar strengthened 0.8 percent against six major world currencies. Meanwhile, the price of gold contract for June delivery fell by 0.6 percent to 1650.20 dollars per troy ounce on the Comex in New York.

One of the issues that affect the gold price movement is a matter of a worsening crisis in Europe that strengthen the dollar. "European problem sticking to the surface again. Meanwhile, China's move to widen the yuan transactions will not have much impact because the price of gold is traded in U.S. dollars. This also will affect the price of gold in the short term," says Feng Liang, an analyst at GF Futures Co.