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- Gold trading lower for a third consecutive day
Gold trading lower for a third consecutive day
Gold, currently trading at USD1,184.00 a troy ounce again lost. A stronger U.S. dollar and falling oil prices after the OPEC meeting weighed on the precious metal. A stronger dollar makes gold less attractive for buyers and falling oil prices put pressure on gold as it's less attractive as an inflation-hedge. Also traders keep an eye on the Swiss referendum on SNB's gold reserves scheduled for November 30 that would force the central bank to hold at least 20 percent of its assets in gold and store them locally. Last week's polls showed that the majority of voters is against the initiative, only 38% supporting "Save our Swiss gold". If the vote passes it would be likely boosting gold price, if not the precious metal will see further pressure.
GOLD currently trading at USD1,184.00
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