The price of gold collapsed on the New York Exchange

Trading on the largest gold platform of the world - the New York Exchange of Metals yesterday ended in a collapse of gold prices. By the end of the trading session, the triple ounce of gold fell by $ 26.6 and amounted to $ 1578/tr. It is reported by ITAR-TASS.

World prices for gold are already falling the fifth trading session in a row. Today they have reached the minimum level since July 2012. The economy mitigation policy pursued by the US Federal Reserve (Fed) of the USA initially pushed investors to buy gold. The fact is that the “quantitative relief” program adopted last year allows the US government to print an unlimited number of unprofitable dollars and acquire bonds of the US Department of Finance on them in order to maintain a low dollar account.

This program was perceived in the market as inflationary, which has recently provided some increase in gold prices. However, the situation has changed to this environment when a transcript of the last meeting of the Federal Open Market Committee (FOMC), which operates inside the Fed and determines a number of key directions of its monetary policy, was published. The published materials showed that the committee decided to consider at its meeting in March the possibility of making significant changes to the current program of "quantitative exhortation". The consequence of this was a strong drop in world prices for gold.