9 Oct 2013
Gold loses its glitter as US jitters ease on Yellen nomination
FXstreet.com (Athens) – Gold prices are easing today due to the fact that traders took profits from earlier day alongside with the fact the Yellen’s nomination spurred hopes regarding the looming US debt default.
Gold is trading lower today as after the yesterday’s mid-morning phone call between U.S. President Barack Obama and U.S. House Speaker John Boehner over the budget crisis, a glitter of hope emerged across the board, bolstering the demand for the American dollar, thus dragging down the price of gold. Today we are amidst a new “risk-on” event, Yellen’s nomination as the next top chair at the top central bank, therefore there is no seeking for the bullion’s safe-haven appeal. On the other hand, crude oil prices on both sides of the Atlantic gain today as geopolitical risk crept back into the markets and risk-off mode hit the “snooze” button.
Gold is trading lower today as after the yesterday’s mid-morning phone call between U.S. President Barack Obama and U.S. House Speaker John Boehner over the budget crisis, a glitter of hope emerged across the board, bolstering the demand for the American dollar, thus dragging down the price of gold. Today we are amidst a new “risk-on” event, Yellen’s nomination as the next top chair at the top central bank, therefore there is no seeking for the bullion’s safe-haven appeal. On the other hand, crude oil prices on both sides of the Atlantic gain today as geopolitical risk crept back into the markets and risk-off mode hit the “snooze” button.