San Francisco, CA- In Singapore, gold has sold at 1,775 per ounce on Tuesday after plummeting for two days due to the euro debt crisis. |
“The jewelry sector has been badly affected, as people are reluctant to spend," said a Singapore-based trader. "The lack of physical demand is worrying."
However, interest in gold remains high as record-charting selling after this plummet. In fact, gold has risen to 4.73 million ounces by Oct. 7, up 6% over the past two months during which gold prices climbed nearly 10%.
Higher prices have slowed the interest in gold, particularly as the economic recession continues, especially in India and China.
Sellers are waiting for the next price plummet to invest in gold.
"People will quickly come back to the market when prices drop $30 to $50, and we'll see gold breaking above $1,800 by the end of the year after a healthy correction," the Singapore-based trader said.
Spot gold has not changed much, still at $1,775.46 an ounce by 0635 GMT, after a week of being at $1,766.14 on Monday. Gold dropped almost 1% over the last two sessions, which is the sharpest two-day decline since August.
Meanwhile, the US gold crawled up 0.1% to $1,777.60.
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