Gold trades below £1,300 following Yellen comments
Victoria Hewitt-Marsh, News Editor
8 May 2014, 10:22 a.m.
Gold traded below $1,300 per ounce as Janet Yellen confirmed the U.S. Fed will continue to taper its monthly asset purchase program known as quantitative easing.
Fed Chair, Janet Yellen, told U.S. lawmakers that the U.S. economy still requires a monthly stimulus, even though data suggests the U.S. economy is set to expand.
According to HSBC analyst, James Steel, gold broke through the £1,300 barrier as a response to Yellen’s comments and the de-escalation of geopolitical tension in the Ukraine.
Assets in the world’s largest gold ETF, the SPDR gold trust, remained unchanged at 782.85 metric tonnes for the third consecutive day.
Silver for immediate delivery dropped 0.1% to $19.29 per ounce, platinum increased 0.4% to $1,438.88 per ounce and Palladium closed one 1% up at $803.57 per ounce.