Gold prices was range bound on Friday and ended lower for the day. ECB cut rates by 25 bps and pledged to prevent inflation from falling further to support economic recovery in the region. ECB's move boosted gold's inflation hedge appeal, but a stronger dollar limited upside in prices. However, US GDP unexpectedly grew at 2.8% in the third quarter and pressurized bullions. Gold prices are expected to move down as strong US economic growth despite the government shut down has renewed fears of Fed scaling back its bond buying program earlier and can push gold prices down.
Wednesday, November 13, 2013
Precious Metal Commodity Update by CapitalVia
Gold prices was range bound on Friday and ended lower for the day. ECB cut rates by 25 bps and pledged to prevent inflation from falling further to support economic recovery in the region. ECB's move boosted gold's inflation hedge appeal, but a stronger dollar limited upside in prices. However, US GDP unexpectedly grew at 2.8% in the third quarter and pressurized bullions. Gold prices are expected to move down as strong US economic growth despite the government shut down has renewed fears of Fed scaling back its bond buying program earlier and can push gold prices down.
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Epic Research provides tips in every segment of Commodity market including precious metals as well as base metals.
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