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Updated 06:54 25/06/19

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Gold drops to 4 year low despite Japan QE


Adam Pike, News Editor
31 Oct 2014, 12:52 p.m.

The gold price has fallen to a 4 year low in dollars and a 2014 low in GBP following the Fed's announcement to exit QE3 and better than expected US GDP data. Gold has fallen £33 per ounce this past week.

The gold price extended losses overnight, falling sharply in a surprising reaction to the Bank of Japan's (BOJ) decision to extend their stimulus program. In this unprecedented move the BOJ will intervene directly into the stock market by purchasing shares and property funds. The BOJ will also restructure Japan's government debt and the government pension fund is set to purchase Japanese shares. Unsurprisingly Japanese equities soared on the news.

Russia boosts gold reserves

According to the IMF, Russia added 37 tonnes of gold to their reserves in September making their total holdings 1,149 tonnes, the 6th largest holding in the world.

Silver nears 5 year low

The silver price has also been affected by the news falling over 6% to a near 5 year low currently trading at £10.11 after briefly dipping below £10 per ounce.

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