Gold's steep declines have left many gold investors unsure what to do.
Articles Tagged "eurozone"
Driven past $1,600 a week ago on fears of Cyprus going over a financial cliff, gold lost value after a bailout deal was announced.
The frightening specter of a run on European banks, evidenced by events in Cyprus, had investors clamoring for the safety of gold this week.
Traders covered their short positions after interpreting an ECB official's comments as indicative of continued monetary easing, bringing gold up more than 1 percent, to above $1,590 per ounce.
Many are concerned about gold's role in the current risk-on environment. The WGC weighs in.
Reuters reported that gold prices climbed 1.5 percent on Thursday, the biggest gain in two weeks for the yellow metal. Boosting the gold price was hopes for additional monetary stimulus from China and renewed austerity steps in Spain which have raised more concerns about the Eurozone.
Reuters reported that gold prices ended lower on Wednesday's trading session, off a previous two-week low. Responsible for weaker gold is a stronger dollar and weaker crude oil, triggered on profit-taking following the bullion's recent rally. Investors are also shifting their focus to developments in the latest bout of Eurozone debt crisis.
Bloomberg reported that gold futures hit a 29-week high as a result of expectations that demand will increase as central banks in the United States, Japan and Europe take steps to fuel economic growth.
Bloomberg reported that European Central Bank President Mario Draghi's announcement of an unlimited bond-buying program for the Eurozone drew gold futures up to $1,703.50, their highest level since March.
Mineweb reported that after making its largest one-day price gain since late last month, gold evened out at just above $1,600.