Gold was steady in New York as investors weighed additional U.S. stimulus and mounting concerns that lawmakers haven’t moved closer to resolving the country’s budget impasse.
Prices dropped for the third-straight week even after the Federal Reserve said Dec. 12 it will start buying $45 billion a month of Treasuries, adding to $40 billion a month of existing mortgage-debt purchases. U.S. President Barack Obama and House Speaker John Boehner met yesterday to discuss averting more than $600 billion of spending cuts and tax increases before a year- end deadline, with no public announcement of progress.
Gold futures for February delivery rose 20 cents to settle at $1,697 an ounce at 1:41 p.m. on the Comex in New York. The metal was down 0.5 percent this week.
Prices are heading for a 12th consecutive annual gain as central banks from the U.S. to China pledge more steps to spur economic growth. Holdings in gold-backed exchange-traded products rose 3.9 metric tons to a record 2,630 tons yesterday, data compiled by Bloomberg show.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
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