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Gold breaks through $1,300 per ounce

Adam Pike, News Editor
21 Jan 2015, 11:20 a.m.

The gold price has broken though £1,300 per ounce for the first time since August as speculation that Central Banks will respond to the slowdown in the world economy with fresh stimulus measures. Policy makers in both Asia and Europe are struggling to stop deflation taking hold and are under increasing pressure to respond.

Following two disappointing years for the yellow metal, investors are returning to gold as concerns rise the U.S economy will not be able to offset weaker growth in Europe and emerging economies.

Uncertainty over Sunday’s Greek election and expectations the ECB will announce a new stimulus package tomorrow is adding support to the gold price. The Swiss Central Banks decision to remove the franc’s peg to the euro has also given the gold price fresh momentum. The gold price have advanced 4.7% this week and is up 9.8% year to date.

The world’s largest gold backed exchange traded product, the SPDR Trust, experienced inflows for the third consecutive day to reach 742.24 metric tonnes.

Gold is currently trading at £859.83 per ounce, silver at £12.4, platinum £849.425 per ounce and palladium £515.60 per ounce.

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