Gold prices steady following Chinese interest rate cut
ecPulse
2014-11-24 14:24PM UTC
Gold prices consolidated on Monday below $1,200 an ounce affected by the sudden decision from china to cut interest rates, in addition to the possibility of expanding stimulus program by the European Central Bank. By 12:40 GMT, gold prices dropped 0.18% around $1193,51 an ounce. Gold prices rose to its highest level in three weeks last Friday after the People`s Bank of China decided to cut its benchmark one-year deposit rate to face the weak Chinese economy, which will support the demand for gold as a hedge against inflation and will ease the way to achieve gains. The latest statements of the European Central Bank (ECB) president Mario Draghi that the bank will do whatever is necessary to raise inflation, and could pump more liquidity to markets will boost gold prices. The yellow metal consolidated with support from the US dollar decline on Monday, after achieving its lowest since June 2010 last Friday. The US dollar index is trading around 88.31 compared to the opening levels 88.47.
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