Commodity Update; Gold – 23 December 2014
Gold pulls back as confidence returns to markets; investors appear to shrug off Greek vote
After several weeks of strong gains gold pulled back last week as confidence returned to markets amidst less hawkish than expected statements from the FOMC and a sense of indifference to the first round of voting in the Greek parliament.
After reaching its highest level since October, gold pulled back to reach lows of $1170 in the current week. This places the metal on course to close the year broadly flat with its January 2014 level.
Looking ahead we see dollar strength and a strong recovery in the US as a headwind for gold although, this could be partially offset in the near term by a further buildup of uncertainty ahead of the final Greek vote on 29 December.
Spot Gold // Hourly Intervals
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