The price of the precious metal has fallen significantly from its high for the year.
(Photo: dpa)
Dusseldorf The price of gold fell further on Wednesday and approached the $1,900 a troy ounce mark. The precious metal was last this cheap in mid-March. Since the high for the year in early May, the price has fallen by eight percent.
The precious metal, which is considered a protection against crises, was also unable to benefit from the recent uprising in Russia. The Commerzbank expert Thu Lan Nguyen is not surprised.
“The extent to which domestic tensions in Russia or a potential overthrow of the government would affect global monetary policy would be decisive for the price of gold,” explains Nguyen. “The reaction of the commodity prices would probably play an important role and whether potentially strong price fluctuations would be classified as a risk to the economy or to inflation.” However, that cannot be estimated at the moment.
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