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- Gold near four-month high before ECB policy meeting
Gold near four-month high before ECB policy meeting
Gold prices declined today from a new four-month high hit on Friday before ECB policy makers meet on January 22nd to decide on future stimulus measures. On Friday Gold prices rose sharply, reaching a four-month high, and went to his largest weekly gain in the last 17 months (+ 4.5%). According to Bloomberg holdings in the largest exchange traded product increased the most since 2010 as gold benefits from political uncertainty being a haven investment. Markets also await the outcome of the elections in Greece scheduled for January 25th. Recently gold-prices were boosted by the surprise move of the SNB. The SNB decided to discontinue the minimum exchange rate of 1.20 per euro and lowered interest rates more into negative territory to -0.75. The precious metal more expensive despite the significant strengthening of the US dollar, which usually causes a backlash.
The precious metal is currently quoted at USD1,276.50, -0,20% a troy ounce.
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