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GoldSeek reported that today’s gold fix was at $1,291.25 per ounce when compared to yesterday’s gold price high of $1,315.
GoldSeek reported that today’s gold fix was at $1,291.25 per ounce when compared to yesterday’s gold price high of $1,315.
According to the report:
After rising to near its highest level in three weeks early yesterday at $1,315/oz, gold experienced its biggest intraday price fall in three weeks yesterday, falling to $1,290/oz by close of New York trading.
GoldSeek cited price weakness this week based on:
The price weakness in the precious metals was attributed to apparent de-escalation of tensions in the Ukraine conflict after Russia promised that military exercises near the eastern Ukrainian border would be scaled back, and Putin called for separatists in the south-east of Ukraine to postpone an independence referendum planned for May 11th.
Gold and silver prices were also undermined by remarks from Janet Yellen, the Fed Chair, who appeared yesterday before the U.S. Congress in testimony about the U.S. economic outlook. While Yellen didn’t say anything unexpected and reiterated that short-term interest rates would remain near zero, her confirmation that the U.S. economy would still be supported was interpreted as a positive for risk assets.
Click here to view the full report.
