No doubt this had to be the blog for the week. Precious metal prices have been rocketing down for the entire week.
Let’s first focus on the reasons for the price fall:
1. FED’s QE3 is being unwound at a steady pace. Tracking the improving US economic conditions, FED might even increase the pace of tapering. QE was responsible to set record highs for gold and the same is the reason for its downfall in 2013.
2. Ukraine turmoil had given the much necessary support to safe haven buying assets like Gold where the prices were on an upward spiral. As the turmoil continues to unwind itself and most of the news being discounted by the market participants, the support is slowly fading away.
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