SHANGHAI, Mar. 11 (SMM) – Gold market began the year of 2015 with strong gains, but later moved lower, especially after the US announced the strong non-farm results.
The drop in gold market, though, is expected to be continuing, longau.com cited the following five factors.
A strong dollar, hitting a high since September 2003 last Friday, will continue to pressure the gold market.
The weakness in silver and platinum market, reflecting industrial and investment demand, also gives no support to gold.
The potential hike in interest rate by the US will further dim the appeal of gold market.
The plunge in crude oil market will also reduce production costs at gold mines, weakening cost support to gold.
In addition to the four factors, technical signs also point downward pressures in gold market.
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