Gold slips under $1,300 despite the Feds patient tone
Duncan Richardson, News Editor
29 Jan 2015, 2:04 p.m.
The gold price has fallen below the key psychological $1,300 barrier despite the Federal Reserve’s latest statement.
Yesterday the Federal Open Market Committee indicated they are unlikely to raise interest rates in the near term. Some city analysts are now forecasting interest rates will not increase until the third quarter. While many gold experts believe the Fed can’t normalise rates without choking off any recovery and increasing the cost of U.S. government debt which now stands at over $18 trillion.
The markets are looking ahead to the release of the U.S unemployment and housing data. Whilst in the eurozone Germany reported that unemployment fell by 9,000 to 2.84 million.
Gold is currently trading at £838.71 per ounce, silver at £11.57, platinum £8420.11 per ounce and palladium £520.42 per ounce.