Gold Hits $1,338.95, then Rises to $1,363.40

Reuters reported that spot gold reached a low of $1,338.95 per ounce this morning, its lowest price since April 16, pushed down by speculation that the Fed will dial back its economic stimulus program. However, it later rose up to $1,363.40.

As quoted in the market news:

Investors have been dumping gold, which is down about 20 percent this year, while stocks and the dollar have risen on an improving global economic outlook. Gold-backed exchange-traded funds have had massive outflows in recent months.

The beginning of the end of the Fed’s massive bond-buying program might come sooner than many investors think if recent gains in the U.S. labor market do not prove fleeting

Click here to read the full Reuters report.