- Analytics
- News and Tools
- Market News
- Gold prices decline
Gold prices decline
Gold is trading lower on Thursday after it rose yesterday on growing uncertainty over the developments in Greece and news that the ECB unexpectedly cancelled the acceptance of Greek bonds in return for funding forcing the Greek central bank to provide billions of emergency liquidity for banks in the weeks to come.
Market participants also look ahead to the Interest Rate Decision of the Bank of England scheduled for 12:00 GMT and a set of U.S. data including Initial Jobless Claims to get a better judgement on when the FED is going to hike interest rates. A future interest rate hike adds pressure on gold. Higher interest rates make gold less attractive as the metal is not yield-bearing. A stronger greenback recently also weighed on the dollar-denominated precious metal as it makes it more expensive for holders of other currencies
In January gold prices increased by almost 8% as the precious metal was sought after as safe-haven asset.
The precious metal is currently quoted at USD1,259.10, -0,75% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
