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Expert's opinion from FXFinPro

Gold has reached 1200 per ounce

The price of gold dropped to 1200 per troy ounce, which was caused by the publication of positive statistics on the growth of US GDP, which according to the preliminary report, increased by 0.8%, that is 0.1% more than the previous estimate. In addition, Fed Chairwoman Janet Yellen said on the possibility of the Fed raising interest rates in the coming months. The main factors that will influence this decision will be inflation in the country and the state of the labor market. Our medium-term outlook remains negative with the potential to fall to 1100 dollars per troy ounce in the near future, but after the recent decline is likely a short-term correction.

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Monday, 30 May, 2016 / 1:55

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