Gold rises to two-week high, US inflation eyed
ecPulse
2014-11-18 15:16PM UTC
Gold prices climbed to a more than two-week high to $1,200 an ounce on Tuesday, following the European Central Bank (ECB) president’s statement in Brussels. Gold prices rose to $1,201.99 an ounce at 11:04 GMT compared to the opening levels $1,186.14 an ounce after achieving its highest at $1,204.64 an ounce and its lowest at $1,183.40 an ounce, in conjunction with the US dollar index dropping to 87.66 levels compared to its opening levels 88.03. ECB President Mario Draghi reiterated that the bank is willing to implement additional stimulus measures and expand its asset purchase program to include government bonds in the weak euro zone economy. This has boosted the performance of gold prices which is a hedge against inflationary pressures in conjunction with the recovery of the actual demand for the yellow metal. The strong data from Germany, the largest economies of the euro area, on Tuesday supported the euro which reflected positively on gold prices according to the inverse relationship between gold prices and the US dollar. Projections indicate a growth slowdown of inflationary pressures in the United States, the world’s biggest economy, which weighed on the dollar’s performance and investors speculations on an early lifting of the benchmark interest rates by the Federal Reserve.
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