Gold price slips to lowest level in three weeks

September 18, 2011

The price of gold on Friday in the wake of a strong rally in equity markets has fall to its lowest level in three weeks. In early trading cost an ounce of the yellow precious metal 1768 U.S. dollars.

That’s about $ 20 less than yesterday. Thus, the gold price reached its lowest level since 26 August. In the last week the concern drove to escalation of the debt crisis, the investors still in the supposedly “safe haven” gold, and the price of an ounce at times reached a record high of $ 1.920.

Since Monday, a slight easing in the European debt crisis makes for a strong recovery in equity markets. Investors are again willing to take risks and layers of gold from their money in stocks, it was said by traders.

To calm the financial markets have contributed to the development yesterday’s joint action of major central banks to Ensure sufficient supply of banks with U.S. dollars. Billion In addition, the investors hope today’s meeting of finance ministers € to reach an agreement in the dispute over Guarantees for new auxiliary Greece.