Gold Prices Steady at $1,315.94 an Ounce

Speculation the US Federal Reserve would hold off on tapering its stimulus program helped boost gold prices last week, but investors lost some of their interest in the precious metal today. Spot gold prices were trading at $1,315.94 an ounce, unchanged from the previous session, Reuters reported.

“Investment interest in gold is rather low. Everything we’ve seen has been more short-covering than anything else,” Credit Suisse analyst Tobias Merath told the source. “People are also not properly incentivized to turn to gold with long-term buying intentions.

Gold futures for December delivery rose slightly today by $1.32 to $1,315.50 an ounce on the Comex in New York, Bloomberg reported.