Gold price stable ahead of key data release
Adam Pike, News Editor
3 Jul 2014, 10:51 a.m.
During Asian trading the gold price retreated from its recent three month high as investors wait for the release of a number of key economic indicators. Investors will interpret the data to gauge the health of the global economy.
U.S. unemployment figures will be released today, while minutes of the latest European Central Bank policy meeting will be announced.
Worse than expected data or continued stimulus measures from the ECB will be supportive for the gold price, as gold is typically bought as a hedge against inflation.
The gold price dropped 0.30% to $1,323 per ounce down from its recent three month high of $1,332.10 per ounce. Silver continues to outperform gold and climbed 0.9% to close at $21.30 per ounce, a new 15 week high. Platinum closed at $1,517.50 just below its recent 10 month high as investors remain unconvinced the recent labour disputes have been fully resolved.