Gold prices fell after rebounding, focusing on the euro zone economic data

International spot gold Thursday (December 15) European market rebounded from US$1,564/oz to US$1,580/oz in early trading, boosted slightly by EUR/USD, but market sentiment is still not optimistic and European stocks opened lower again Decline in the price of gold.

European market in early trading on Thursday, the euro/dollar rose slightly, rose above 1.3000, the dollar index oscillated down to below 80.30, driving gold prices higher.

However, the fall of European stock markets in early trading on Thursday caused the price of gold to decline, and the Euro Stoxx 50 index futures opened 0.4% lower on Thursday. The major areas in the euro area opened lower, while the British FT100 index opened up 0.2%.

At the same time, Moody's downgrading of the three Dekesha bank ratings from A3 to Baa1 still sent caution to the market, and the downgrade of bank ratings may have become a precursor to Eurozone countries' ratings.

Moody's said that the downgrade of Dexia Bank's rating reflects concerns about financial guarantee programs in Belgium, France and Luxembourg.

In addition, the decline in gold prices has also been suppressed by technical selling. Spot gold has fallen more than 8% this week, falling to its lowest level since September 26. Breaking below the $1700/oz mark, the $1640/oz support level, and the 200-day moving average at $1620/oz.

Breaking through key figures in a row shows that gold may further decline in the future, and many analysts believe that the bull market for gold has already ended.

Other precious metals also followed the trend of gold weakness, spot silver fell more than 2% to 28.26 US dollars / ounce, spot platinum also fell more than 2% to a two-year low of 1,379.50 US dollars / ounce.

In terms of futures, US silver futures also fell more than 2% to US$28.28 per troy ounce, as concerns over the eurozone debt crisis prompted jittery investors to withdraw from risky assets.

The euro zone will announce a batch of manufacturing data later. The earlier China's manufacturing index rose to a two-month high. If more data can reduce the market's concerns about growth prospects, market sentiment may ease, prompting Gold further rebounded.

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