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06.03.2013 16:33

Gold consolidates

The price of gold has stabilized on hopes for the continuation of the ultrasoft policies of central banks and the increased interest in higher yielding assets.

Investors' attention turned to the stock market, when on the eve of the U.S., the Dow Jones reached a historic high, while European shares rose to its highest level since 2008.

According to analysts, the European Central Bank, the Bank of England and Bank of Japan this week the supersoft policy after assuring the Fed to continue the program of buying bonds.

South Korea's central bank bought 20 tonnes of gold in February, making the fifth purchase in less than two years, bringing the inventories to 104.4 tonnes. At the same time, the world's largest reserves of gold-exchange-traded fund (ETF) SPDR Gold Trust on Tuesday dropped to a 16-month low of 1.244,855 tons, indicating the sale of gold by investors.

April futures price of gold on COMEX today rose to 1584.30 dollars per ounce.



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