Gold Prices Rise to the Level in 1200 Dollars : In electronic trading in Asia this Thursday (8 / 7) price of gold has increased significantly. Gold prices rose and stayed above the level of 1200 dollars per troy ounce in the midst of physical purchases of gold after declined to its lowest in six weeks.The gold price has decreased up to 1185 dollars per troy ounce in trading yesterday. This price is the lowest since May 24 last. Since reaching a record high position June 21 and then the gold price has decreased by 5.3%. These conditions trigger the action to buy back as market participants assess the price of gold has been oversold.
Spot gold prices increased by 3:50 today's dollars and in the position of 1205.35 dollars per troy ounce. Meanwhile the price of gold futures contracts Mercantile for August delivery increased by 6.9 dollars and traded on the position of 1205.80 dollars per troy ounce.
Despite the sharp drop observed in the short term Vibiz Research analyst from Vibiz Consulting still predict that gold is still going strong bias to move funds. Commodity price movements is estimated to be between the resistance level at 1250 dollars per troy ounce and the support at 1200 dollars per troy
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