There was a late spike in the gold price this week but it came after a gradual decline in prices all week. The commodity responded to the US Federal Reserve’s monetary policy statement and continued lower as a lift in rates was held at arm's length. A tightening of monetary policy would add to an already strengthening US dollar which would further push bullion out of favour as a store of value.
This trend shifted somewhat today (Friday) on news the Swiss central bank would push its interest rate below zero. The move hopes to take the heat off the Swiss Franc which has seen a surge in demand as Russian investors seek safe havens. Switzerland will be effectively charging depositors for the right to park funds with their banks. It’s a move that has seen the price of gold push up $US15 late this week as Swiss investors look for their own safe haven options.
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