Gold Prices Rise To $1,324.86 an Ounce

Worry that the U.S. Federal Reserve could begin tapering its stimulus program, along with a steadier dollar and stronger U.S. Treasury yields, weighed on gold prices today. Though the precious metal was up $3.97 to $1,324.86 an ounce on August 14 after falling more than 1 percent the day before, prices were unable to increase higher, Reuters reported.

“We are in pure summer trading and we may remain in the $1,300/$1,350 range for few weeks yet,” MKS analyst Frederic Panizzutti told the source.

However, Adrian Day, president of Adrian Day Asset Management, told Bloomberg that investors have “grossly overreacted” to speculation that the Fed will stop its monthly bond purchases and expects gold prices to hit $1,600 an ounce by the end of 2013.