|09-05-2014, 12:32 AM||#1|
Gold is still trading near an 11-week low in New York
The yellow precious metal continue on trading around near an 11-week low in New York as its appeal is strongly corroded by a current strengthened dollar after that the euro lost considerable momentum against the dollar right after the ECB’s decision.
Keeping in mind that both; the dollar and the gold, have a strong inverse relation and that the dollar climbed to the highest since July 2013 against a basket of 10 major currencies and global equities also rose.
In fact today European Central Bank slashed its benchmark interest rates to fresh record lows, attempting to prevent low inflation from taking further toll on the slowing economic growth.
The market consensus was shocked again by the ECB announcing a second round of 10-point cuts to its three key interest rates at the September meeting on Thursday, marking its second surprise decision to a looser monetary policy in just four months -- all in bid to shore up the euro amid rising geopolitical risks from the peripherals as inflation rates continues to hit rock bottoms across the region.
Now gold is currently trading around $1267.30 after touching a high of $1277.10 and a low of $1266.45.
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