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Gold Breaks Above $1700 on Continuing Negative Real Interest Rates

Commodities / Gold and Silver 2012 Jan 26, 2012 - 07:38 AM GMT

By: GoldCore

Commodities

Gold’s London AM fix this morning was USD 1,713.00, GBP 1,091.10, and EUR 1,300.59 per ounce.

Yesterday's AM fix was USD 1,659.00, GBP 1,064.08, and EUR 1,277.04 per ounce.


Gold rose 2.5% yesterday and broke $1,700/oz to $1,712.80, its biggest one-day gain in the past 4 months, as the US Federal Reserve’s 11 out of 17 members voted that interest rates would likely remain near zero into late 2014.

Investors sought safe haven refuge into gold fearing their portfolios would lose value as Central Banks flood the markets with loose monetary policies and more cash for governments that can't seem to manage their balance sheets.  A group of 7 major economies now have interest rates that average .5%.   

Spot gold rose 2.7% to $1,710.44/oz by 4:33pm EST (21:33 GMT). 

Technical buying also propelled prices after the metal broke above its 100 day moving average for the first time in 1-1/2 months.  Silver also rallied up 4%.  Today's Comex February gold option expirations will show more activity in the gold markets. One trader stated that gold's gains on Wednesday could be due to a huge cover on a short position before today's option expiration

For the latest news and commentary on financial markets and gold please follow us on Twitter.

This update can be found on the GoldCore blog here.

Yours sincerely,
Mark O'Byrne
Exective Director

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