Gold Traders Close Long Term Positions



During Monday’s trading sessions, the price of gold and other precious metals fell dramatically at eToro and other online trading platforms. Admittedly, these falls were no where near the levels of June’s gold price crash but they were still hefty drops, ahead of Wednesday’s US Federal Reserve meeting. These recent market moves have been compounded by precious metal traders, especially gold traders, closing long term positions in fear of further falls in metal markets.

Following a small rally during the Asian trading sessions, in which gold prices reached $1,336 per ounce, prices retreated, nearing Friday’s five-week low for the precious metal. During Monday’s trading, many of the world’s markets rose but the US dollar lost ground against both the euro and the British pound, reaching eight month lows against its trans-Atlantic counterpart.

The ailing dollar and the strengthening pound drove down the price of gold and other precious metals for British traders, with gold falling by over 7 per cent in a week, down to just £822.75 per ounce. This is gold’s lowest level in British pounds since 7th July.

eToro traders also saw the price of silver falling in synchronicity with the price of gold. During Monday’s trading sessions, the price of silver dropped to $21.74 per ounce, almost reaching Friday’s one month low in the process.

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