Ikon Forex: Spot gold price in Hongkong dropped on June 24

Ikon Forex – Due to the downward trend of the international spot gold price, spot gold price in Hongkong was closed lower on Thursday June 24.
Spot gold 99 in Hongkong was closed at 11428 Hongkong dollars per 50 grams, dropped by 82 HKD compared with the close quotation on the previous trading day, and the amount of the decrease was 0.71 percent; the highest price it has reached was 11460 HKD per 50 grams and the lowest price was 11398 HKD per 50 grams.
The US Federal Reserve announced to maintain the interest rate at an extremely low level, and the uncertainty of the global economy harmed the risk preference emotions of the forex brokers, spot gold price was stabilized on Thursday in the afternoon session of the Asia forex market. In the previous trading day, gold price repeatedly dropped below 1230 US dollars because of the weak data of US New Home Sales, but latter supported by the bargain hunting, the panic emotions of the forex brokers who worried that the gold investment would have the same downward trend as the stock market and commodity market were smoothed.
Forex trading analyst Ong Yi Ling in Phillip Futures Pte Ltd based in Singapore said gold price might get a consolidation and it was predicted that gold price would float between 1230 to 1245 US dollars. The continuous anxiety of the forex brokers towards the EU and US economic recovery will give gold price some support in the international forex market.
The world’s biggest gold ETF SPDR Gold Trust said, by June 23 the amount of gold holding was stabilized at a record high level of 1313.135 tons. The amount of gold holding of ETF has accumulatively increased by 180 tons in this year, it increase by over 15 percent compared with that of last year.

Edited by Laura in Ikon Group.