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19 Dec 2013
Gold breaks below $1200/oz
FXstreet.com (Córdoba) - Gold broke below the $1200/oz level and extended touched its lowest level in 6 months, as the yellow metal continues to suffer in the wake of the Fed taper move and weighed by disappointing US data.
Gold dropped to a low of $1193 an ounce, last seen Jun 28, before recovering slightly after US initial jobless claims, Philly Fed manufacturing index and new home sales all came in below expectations. At time of writing, the metal trades at $1195/oz, recording a 1.9% loss, the third daily decline in a row.
"Down to $1195 despite some slight hopes that the Fed taper could unfold more slowly than we thought less than a day ago", says Jamie Coleman, analyst at FXBeats. "Not a good time for the yellow metal as inflation stays low on a global basis".
Gold dropped to a low of $1193 an ounce, last seen Jun 28, before recovering slightly after US initial jobless claims, Philly Fed manufacturing index and new home sales all came in below expectations. At time of writing, the metal trades at $1195/oz, recording a 1.9% loss, the third daily decline in a row.
"Down to $1195 despite some slight hopes that the Fed taper could unfold more slowly than we thought less than a day ago", says Jamie Coleman, analyst at FXBeats. "Not a good time for the yellow metal as inflation stays low on a global basis".