Categories: General Market Commentary / Precious Metals
Topics: General Market Commentary / General Precious Metals

2 charts to make sense of gold price plunge

2 charts to make sense of gold price plunge

Gold dropped to a five-month low Friday as the post-Trump price surge collapsed and investors digest the impact of the vote on global financial markets.

Gold for delivery in December dropped to a session low of $1,223.40 an ounce in another morning of heavy trading on the Comex market in New York, down over $40 an ounce or 3% from Thursday's close.

The metal touched a high of $1,338 late on Tuesday as results showed a likely Trump victory, but the rally in record volumes for the Comex market, soon evaporated.

"Rising US bond yields and the brewing emerging markets crisis has seen strong demand for dollars post the election, and this marks yet another gold-negative development"
Gold's performance is in stark contrast to predictions ahead of the election with many analysts seeing gold reaching $1,500 or beyond, citing increased safe haven buying as a major reason behind an upswing.

To see charts and continue reading please click link http://www.mining.com/2-charts-make-sense-gold-price-plunge/