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- Gold continues rally on weaker greenback and Yemen
Gold continues rally on weaker greenback and Yemen
Gold rallied today to the highest level in a month, a seventh consecutive day of gains. The price of gold, trading now above the USD1,200 level was supported by a broadly weaker U.S. dollar after the latest FED policy meeting and political instability after Saudi Arabia launched airstrikes in Yemen. The safe-haven asset becomes more attractive in times of instability and was further supported as it is dollar-denominated - becoming less expensive to buy for holders of other currencies.
Gold is currently quoted at USD1,206.80, +0,94% a troy ounce. On Thursday the 22nd of January gold reached a five-month high at USD1,307.40. On Tuesday last week gold traded as low as USD1,142.50, a three-month low.
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