Gold shrugs off Japan disappointment as safety bids support
ecPulse
2014-11-17 14:53PM UTC
Gold prices completed on Monday its gain rally after economic data showed recession in the Japanese economy, the world’s third largest economy in the world during the third quarter. The economic data came in contrast with the expectations that supported the demand for gold as a safe-haven, in conjunction with signals on the recovery of actual demand levels. Gold prices inched up to $1,188.95 an ounce at 11:54 GMT compared to the entry levels $1,186.46, and achieved its highest at $1,194.23 and lowest at $1,182.07 an ounce. Gold prices benefited from the demand on the metal as a safe-haven after the Japanese economy returned to recession, as the GDP preliminary reading for the third quarter retracted 0.4% opposite to the expected 0.5%. This came with indications on the recovery of physical demand after gold prices fell to its lowest level in four years, and that weighed on investor’s risk for appetite and pushed them to turn liquidity to gold, which is a safe-haven and an alternative for investment. The yellow metal consolidated positively with the beginning of this week amid anticipation of the US manufacturing data and the European Central Bank president Mario Draghi’s statement later on Monday.
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