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27.11.2014 11:00

Gold recovered and is trading below USD1,200 again

Gold, currently trading below the key-level of USD1200.00 a troy ounce again recovered from losses earlier in the session. Traders keep an eye on the Swiss referendum on SNB's gold reserves scheduled for November 30 that would force the central bank to hold at least 20 percent of its assets in gold and store them locally. Last week's polls showed that the majority of voters is against the initiative, only 38% supporting "Save our Swiss gold". If the vote passes it would be likely boosting gold price, if not the precious metal will see further pressure. According to data compiled by Bloomberg assets in the largest exchange-traded product backed by the metal shrank to the smallest in more than six years. Gold found support in a weakening greenback.


GOLD currently trading below USD1,200.00

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