Gold ended Friday’s session mildly higher, but still posted the worst weekly loss in four months following the Federal Reserve’s decision to taper its monthly bond-buying program by $10 billion for the third consecutive meeting and amid indications a rate hike from the central bank could come sooner than expected. Gold continues to fall this morning on the prospect of a US interest rate hike in early 2015 that has boosted the dollar and dented the metal’s appeal as a hedge against inflation. Meanwhile, investors continued to monitor events in Ukraine, where tension over moves by neighboring Russia in the Crimean region have heightened demand for safe haven assets. The political standoff between the West and Russia following the annexation of Crimea escalated after the U.S. imposed harsher sanctions on Moscow. The European Union also agreed to wider sanctions against Russia. Today gold support is at 1315.00 and resistance is at 1355.00
March 24, 2014 – Comodities News
Hot Asset For Today: Gold
Gold ended Friday’s session mildly higher, but still posted the worst weekly loss in four months following the Federal Reserve’s decision to taper its monthly bond-buying program by $10 billion for the third consecutive meeting and amid indications a rate hike from the central bank could come sooner than expected. Gold continues to fall this morning on the prospect of a US interest rate hike in early 2015 that has boosted the dollar and dented the metal’s appeal as a hedge against inflation. Meanwhile, investors continued to monitor events in Ukraine, where tension over moves by neighboring Russia in the Crimean region have heightened demand for safe haven assets. The political standoff between the West and Russia following the annexation of Crimea escalated after the U.S. imposed harsher sanctions on Moscow. The European Union also agreed to wider sanctions against Russia. Today gold support is at 1315.00 and resistance is at 1355.00
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