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Gold prices rose to a maximum of 6.5 weeks on the background of the rally in stock markets, commodities and the euro after reports the U.S. Federal Reserve plans to maintain low interest rates for several years. Post Fed the possibility of maintaining interest rates at current low levels until the end of 2014 pleased investors who buy gold,because increase in rates leads to an increase in the dollar and loss of profits from investments in gold. Euro rose to a maximum of five weeks against the dollar because of the willingness to take risks after the Fed statement and rumors of a breakthrough in negotiations with private creditors in Greece.
From a technical perspective gold has strengthened the position after exceeding the100-day moving average at $ 1.684, although in the short term correction is possible.
Activity in the physical market is reduced, since China and other major Asian markets closed for New Year celebrations of the lunar calendar.
Cost of the February gold futures on the COMEX today rose to 1731.5 dollars per ounce.
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