The gold price traded today morning supported by a weaker U.S. dollar slightly firmer at U.S. $ 1120 per ounce reported that analysts at Commerzbank Corporates & Markets.
Yesterday gold at 1130 USD per ounce in the meantime have a four-week high marks. This has apparently not led to profit taking in the short-term investors, so that the gold price had initially succumbed again. Has had a favorable impact of yesterday’s price rise, inter alia, due to low inflows into the SPDR Gold Trust. The latter had reported a slight increase in its gold holdings, at 0.3 to 1108 tons.
The President of the Federal Reserve Bank of San Francisco, Janet Yellen, have spoken out in favor of maintaining the extremely low interest rates in the U.S.. This should impact positively on the price of gold tends, as the opportunity cost of holding gold would remain so low. On the other hand, the low inflation is undesirable, as it had been addressed by Yellen also be rather stressful for the price of gold. For this gold as a hedge against inflation risks losing its appeal.
Analysts at Commerzbank Corporates & Markets continue to expect a sideways movement in the gold price in the current trading range since mid-December from 1050 to 1150 USD per troy ounce.