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- Gold tumbled to a two-week low but recovered
Gold tumbled to a two-week low but recovered
Gold, currently trading at USD1,174.50 a troy ounce recouped early trading losses touching a daily low of USD1,142.40 after Swiss voters said no to the "Save Our Swiss Gold" referendum that would have forced the Swiss central bank to hold at least 20 percent of its assets in gold and store them locally. The outcome was no surprise as polls already had forecast the initiative outcome. On Friday India's Reserve Bank eased rules on import, scrapping their 20:80 rule, forcing traders to export 20% of all gold being imported to India, in order to fight smuggling.
The precious metal continues to be under pressure as the U.S. dollar strengthens and falling oil prices make an inflation-hedge via gold less attractive. Investors cut holdings in exchange-traded products.
GOLD currently trading at USD1,174.50
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