The market of precious metals keeps seeing corrections. Besides,the market is being pressed by the speculative bearish positions and the market sentiments concerning China’s interest rate decision (it is expected to be raised).
Gold has sharply declined. That is how it reacted to the US Initial Jobless Claims report at 10.30GMT (420K for the last week against 421K expected).The price broke through the support level at $1372 per ounce. Now it‘s being traded around $1366.
Global sentiments: according to some analysts, India as the biggest importer of gold, may sharply reduce the import in 2011 (up to 50%). It conditioned by the fact that the rural population, which consumes over 70% of the imported gold, cannot afford buying gold at very high prices. Besides, the Indian market of gold looks overbought (according to unofficial data, this year’s volume of gold imported by India may reach 800 tons).
