The U.S. Comex gold futures dropped 2.94% this week to end at $1,254.60 on Thursday, compared to -1.47% in the S&P 500 Index, -0.19% in the Euro Stoxx 50 Index, and -2.33% in the crude oil futures.
Gold prices were lower today ahead of the FOMC meeting announcement. The gold market is still likely experiencing some profit taking following gains seen in recent weeks, and may be gearing up for another crack at the psychologically important $1300...
In the book “Lords of Finance”, Liaquat Ahamed perfectly summed up the history of owning gold - Gold had been used as a form of currency for millennia.
The U.S. Comex gold futures fell 1.51% last year but surged close to ten percent year-to-date, exceeding $1,300 again, a level last seen in August last year.
The current situation is looking rather grim and almost every man for himself as central banks around the world is bracing to make changes in interest rate. Is it the fear of global deflation that summoned such drastic changes uncoordinatedly?