The Comex Gold is trading at $1106/oz, very close to one year low at $1085 back in August this year. Not only that, the current gold price is trading near five year low. The historical record price was at $1920 in August 2011. Since then, gold price is in declining stage. Looking at the chart, the current support is at $1050.
The main factor affects gold price movement is the US interest rate. The rate hike will sent the gold price further down south whereas holding on the rate will see a break up in gold price. At this stage, we will not speculate in gold futures. In fact, we are interested in holding physical gold such as gold bar or gold jewellery from the retail shop. We believe this is the best bargain hunting and Christmas present.
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