Last week, the main drivers behind the gold prices were the situation of the Malaysian Airlines jet downing in Ukraine and Israel’s invasion of Gaza. For now it seems that the other hot-spots especially those in Syria, Libya and Iraq have been temporarily forgotten.
On Thursday, gold prices fell on Comex once again, in what was yet another bout of concentrated selling on two occasions. It is estimated that $1 billion worth of gold futures were sold in a matter of seconds on the open of the market. However, despite posting an overall decline for the week, the price of gold rebounded strongly on Friday even though the US dollar gained against most of the other major fiat currencies. At the time of writing, the price of spot gold is trading above $1310 an ounce.