(3 Minutes Read)
The international spot price of an ounce of gold rose by 0.1% last Tuesday and reached the highest level in more than a week at US$2040 per ounce. The price is now trading at USD 2035 per ounce.
Gold Bullion said that the trading of gold bullion and coins has almost stopped, while the gold jewelry is still selling. This is because the traders can hedge the workmanship price on the jewelry, but not on the bullion and coins.
Meanwhile, the dollar price in the parallel market is at a record high, which shows the growing concerns about the future of the economy. This affects the gold price, which is based on the dollar price in the parallel market.
The cash flow for the 25% certificates is almost over, as it went to the 27% certificates and the buying of gold and dollars from the parallel market. These are the tools that the citizens use to hedge against inflation and the decline in the currency value, as well as the expectations of a floatation in the exchange rate.
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The international spot price of an ounce of gold rose by 0.1% last Tuesday and reached the highest level in more than a week at USD 2040 per ounce. The price is now trading at USD 2035 per ounce.
