Gold hovers around $1,200 prior to U.S. data
ecPulse
2014-11-26 11:35AM UTC
Gold prices stabilized near their highest level in three weeks on Wednesday prior to several U.S. economic data and Thursday’s Thanksgiving holiday. Prices are hovering around $1,200 an ounce in light of investors forecasting the probability of an early increase of interest rates by the U.S. Federal Reserve (Fed), in conjunction with a major expansion by central banks around the world including Bank of Japan (BoJ) and the European Central Bank (ECB) in adopting stimulus. China’s central bank joined the list with the sudden reduction of interest rates for the first time in two years, as part of its efforts to support the future of the global economy recovery and increase lending. Gold prices traded around 1199.41 an ounce at 08:17 GMT. The yellow metal fluctuated between $1,400 and $1,100 an ounce during 2014, thereby notching a yearly decline for the first time in 12 years. The volatility came following the monetary policy makers’ reducing stimulus programs, sparking investor’s speculations and bets on an early raise for short-term interest rates in the United States prior to its date scheduled by the Fed. The Fed’s step boosted the dollar’s performance which rose to its highest level since June 2010, weighing on gold prices due to the inverse relationship between them. Moreover, the recent improvement of the U.S. economy boosted investors’ risk appetite and pushed them to transfer liquidity from precious metal markets to high yielding assets.
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