Bullish sentiments in the gold commodity market cannot gather pace after a long term downtrend. On Wednesday the gold cheapened amid the informal summit results of the European Union leaders who sounded their recommendations for each country in case of Greece exit of Eurozone.
The quote drop amounted to 1.8%. On Thursday a technical correction of gold took rise to 1575 dollars per troy ounce.
But negative statistics on the Purchasing Managers Index in the Eurozone brought back a pessimistic mood of investors. As a result, the American dollar appreciated and another gold price downtrend was fixed.
The dynamics was confirmed by actual readings of the biggest European economy - Germany. The first quarter figures stood unchanged: at 0.5% per quarter and at 1.7% on the annual basis.
As the leading economists suppose, the gold is to keep falling further in line with euro-dollar pair. Thus, the gold price may ease to 1100 dollars per troy ounce.