Gold falls below 100 day moving average
Adam Pike, News Editor
17 Feb 2015, 3:07 p.m.
The gold price has fallen £13.07 per ounce during Tuesdays trading and broken through the 100 day moving average. The silver price has seen greater volatility falling over 5.06% in the last 24 hours. Both metal prices have been falling since reaching a 12 month high in January 2014.
The gold price has fallen despite Greece and the European Union failing to reach a deal over Greece's £178 billion bailout. German finance minister warned the newly elected Greek government that they must make up their mind as to what they want. Understandably the Greek stock market fell on the news.
UK consumer prices fell again in January to 0.3%, the lowest level recorded since the CPI measure began in 1988. Last week Mark Carney the head of the Bank of England confirmed he would use unconventional measures such as quantitative easing should deflation take hold.
Overnight Indonesia’s Central Bank cut interest rates for the first time in 3 years in an attempt to boost South East Asia’s largest economy. In the last month alone the Central Banks of Sweden, Denmark and Australia have all cut their main headline interest rates.
Gold is currently trading at £789.70 per ounce, silver at £10.71, platinum £769.99 per ounce and palladium £508.33 per ounce.