investing in gold: Gold futures gold fell near the lowest price in seven weeks on Monday, as demand for safe-haven assets, after he agreed and euro zone finance ministers to reach an agreement to extend the deal to save Greece for four months on Friday declined.
On the Comex division of the New York Mercantile Exchange, gold fell delivery in April increased by 4.60 cents, or equivalent to 0.38%, to trade at $ 1,200.20 an ounce during European trading this morning. Prices touched its lowest price in seven weeks at $ 1,197.20 per ounce on February 18 / February
On Friday, gold fell 2.70 cents, or equivalent to 0.22%, to close at $ 1,204.90 an ounce, the precious metal fell by 22.60 cents, or equivalent to 1.81%, in the last week, the fourth consecutive weekly decline.
And was likely to find support gold at $ 1,197.20 per ounce, the lowest price since February 18 and resistance at $ 1,222.90 per ounce the highest price since February 19.
Market sentiment rose on Friday after it agreed to extend the euro zone rescue package amounting to 240 billion euros, which reduced fears that the country will face a liquidity crisis at the end of the date of the rescue deal at the end of this month
There in front of Athens has until Monday to make a list of reforms to be approved by creditors in the country in order to secure the extension of the rescue package for four months, which will give more time to reach a permanent agreement with its creditors.
At the same time, the US was to publish a report on existing home sales at a later time Monday, as investors awaited more indications about the strength of the economy and the future path of monetary policy.
And will also make the report on Tuesday by the president of the Federal Reserve Janet Yellen before the banking committee in the Senate, and the focus will be on her for any clues on when to start raising interest rates in the United States.
And exposure to gold selling pressure in recent weeks amid continuing the Fed's forecast to begin to raise interest rates later this year.
Affects expect higher borrowing rates for gold and lead to its decline, as the precious metal is struggling to compete with yield-bearing assets when prices rise.
In another place in the Comex, silver for March delivery fell / March by 5.3 cents, or 0.32%, to trade at $ 16.26 an ounce. Prices had hit 16.16 dollars per ounce on Friday, its lowest level January 6 since.
At the same time, copper rose March delivery rose 1.2 cents, or equivalent to 0.47%, to trade at $ 2.603 a pound in trading is limited because of the holiday.
And China markets will remain the largest consumer of copper in the world, closed until February 24 because of the Lunar New Year holiday, which led to the decline in prices.
Asian nation is the largest consumer of copper in the world, and formed 40% of global consumption last year. Gold investing news