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31.12.2014 11:00

Gold fighting for the USD1,2000-level again

Gold is trading almost flat today slightly under the level of USD1,200. After yesterday's gains of +1.5% the price of precious metal is on the edge of a losing or winning year but is poised to end 2014 almost flat. Gold prices have been supported by the political turmoil in Greece, declining stock markets and a weaker U.S. dollar yesterday but a strong recovery in the U.S. economy and expectations of higher U.S. interest rates will contniue to weigh in the long run. Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, however, remain weak. Yesterday holdings fell 0.21% to 710.81 tonnes, a six-year low.

Trading volumes are expected to be low this week which could lead to volatile and erratic markets. The precious metal is currently quoted at USD1,198.80, -001,% a troy ounce.

GOLD currently trading at USD1,198.80

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