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MineWeb reported the price of gold and silver trading down to a two week low, closing at $1565 per ounce and $26.75 per ounce respectively. The drop was caused by disappointment over the latest US Federal Reserve monetary policy.
MineWeb reported the price of gold and silver trading down to a two week low, closing at $1565 per ounce and $26.75 per ounce respectively. The drop was caused by disappointment over the latest US Federal Reserve monetary policy.
As quoted in the press release:
Silver bullion also gave back the last of July’s rally to date, trading down to $26.75 per ounce.
Bank of America-Merrill Lynch’s head of global commodity and multi-asset strategy research Francisco Blanch commented:
We believe that ultimately the Fed will be forced to do quantitative easing. If it happens in September, as our economists expect, we will get a rally sooner in gold.