Forex News: Gold Price June 17 2017 (11)

GDXJ ETF To Rebalance In June As Assets Exceed $5 Billion

Market volumes contracted in May, with major outflows from U.S. equity funds signaling caution due to rising D.C. political drama that’s delayed implementation of the Trump administration’s proposed business-friendly agenda. Thus if the price of gold today is Rs. 3,000 /gram, then, an ounce of gold would be worth Rs. 3,000 x 31.1035 = Rs. 93,310.50. However, the same ounce of gold could be worth slightly more or less tomorrow depending on the change in the price of gold.

While the stock lost around 10% of its value in 2016, it started the new year with a YTD recovery of more than 9% since January 2. Positive recent developments such as securing the EU nod for a Humira biosimilar, and competitor Novartis withdrawing its EU application for a Zioxtenzo biosimilar helped buoy Amgen’s stock price.

While leading hedge fund managers such as Paul Singer and Stan Druckenmiller are of the view that the precious metal has much more upside, Goldman Sachs recently lowered its price targets for gold; its 12-month target of $1,150 per ounce is 10% lower than gold’s current price of $1,277.

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