- Gold at new 12-week high after SNB decision to lower interest rates and discontinue minimum exchange rate
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Gold at new 12-week high after SNB decision to lower interest rates and discontinue minimum exchange rate
Gold prices rose sharply close to highs from October 21st 2014 at USD1,254.90 after SNB decided to discontinue the minimum exchange rate of 1.20 per euro and lowered interest rates more into negative territory to -0.75. Yesterday the precious metal already hit a new high at USD1,244.10 intraday but lost afterwards. The precious metal is currently quoted at USD1,248.20, +1,49% a troy ounce.
After gold posted an drop last year for the first time since 2000 HSBC Securities (USA) Inc. sees prices raise in 2015 as Asian consumption rises and investors return to exchange traded products physically backed by the metal. Still, a strong U.S. dollar backed by solid economic growth in the U.S. weighs on the dollar-nominated metal as it becomes more expensive for holders of other currencies.
GOLD currently trading at USD1,248.20
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