Gold prices are headed for a critical test according to The Week today. The Federal Reserve’s ‘wait and see’ stance suggests policymakers there are in no rush to increase rates this year. “Sentiment over interest rates has been controlling gold prices all year,” says The Week “as traders prepare for a rise that will lessen the attraction of non-yielding commodities and boost the dollar”.
Market analysts agree that a threshold is looming “in the form of the recent high in August and the 200-day rolling average gold price”. However, some are more optimistic than others. Mining.com point to analysts at Denmark’s Saxo Bank who “sense a change of sentiment is unfolding”, with a rise above the $1,170 August high confirming that “a floor has been established”.
Capital Economics are suggesting that gold could “hit $1,200 before the end of this year, rising to $1,400 by the end of 2016″.
Read the full article “Gold price rally heads for critical test”
Today’s Gold Prices: USD 1173.70, EUR 1028.52 and GBP 764.76 per ounce.
Yesterday’s Gold Prices: USD 1154.40, EUR 1014.95 and GBP 757.16 per ounce.
Gold in USD- 1 Month
Gold was higher again yesterday closing at $1168, up $5.70 for the day. Silver closed marginally up at $15.90, up $0.05. Euro gold rose to €1026 per ounce, platinum lost $7 to $986 per ounce.
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