Only registred members can create thier own customized alerts.
The price of gold has become one of the dominant themes in global markets over the past couple of years as the financial crisis unravelled. The Gold wrap reports on the latest trends in the price of the precious metal as well as factors influencing the demand for the safe haven asset.
More simulus talk helps gold priceJanuary 21 2013, 3:26pm
Gold gained as speculation grew that Japan is poised for another big round of monetary easing, while the euro made more ground against the US dollar.
Spot gold added US$7.71 to US$1,687.61, though trading was light with US markets shut for Martin Luther King day.
European markets were helped by a meeting today of eurozone finance ministers, with further talks scheduled over help for the weakest euro nations.
In Japan, reports suggested the Bank of Japan will commit to a virtually open-ended bond-buying programme aimed at re-igniting a stagnant Japanese economy.
The prospect of paper currencies being devalued by zealous money printing by global central banks has been a key driver behind gold’s strong run in recent years.
Next week, the US Federal Reserve’s interest rate committee meets for the first time in 2013 to review its monetary easing programme.
Today, US broker Citigroup tweaked its forecasts for gold and platinum this year.
Platinum’s price estimate was upgraded to US$1,700, while gold was trimmed to US$1,675 from US$1,749. The broker said the cutbacks announced by Amplats last week and the industrial problems in South Africa would likely mean a shortfall of close to 100,000 ounces in 2013.
Lonmin was also moved up to its conviction buy list, though there was more broker gloom over rival Anglo American.
Platinum rose US$12 to US$1,674 and silver added US$0.142 to US$31.94.
African Barrick Gold (LON:ABG) up 7.7p to 355.7p
Randgold Resources (LON:RRS) up 71.4p at 5,886.4p
Register here to be notified of future articles.