Bloomberg reported that gold rose about $1,300/ounce in London, given momentum by a soft dollar and increasing speculation that the Federal Reserve will maintain its position on monetary stimulus.
As quoted in the market report:
Gold slid 21 percent this year, wiping $58.1 billion from the value of gold exchange-traded product holdings, after some investors lost faith in the metal as a store of value. The Bloomberg Dollar Index, which tracks the greenback against 10 major currencies, traded near a three-week low as Pacific Investment Management Co. fund manager Bill Gross said he expected the Fed won’t tighten policy before 2016.
To view the whole Bloomberg report, click here.
