A day earlier , gold prices had reached a level of U.S. $ 1345.60 per troy ounce . This is the highest level for a most-active gold contract traded since October 30 last .
Gold price increase occurred after Chairman Janet Yellen Federal Reserve said economic data that was released some time later showed a slowdown in the U.S. economy . These conditions were then boosted demand for gold as an alternative investment .
" Part of the slowdown is caused by forceps weather conditions . , But at this point , it's hard to guess how much impact , " said Yellen in a speech before the U.S. Senate Banking Committee yesterday .
Analyst Frank Lesh of FuturePath Trading LLC in Chicago admits there has been buying gold . " The reason is the Fed is worrying about the current economic conditions , " he said .
Just a note , this year , the price of gold has gone up 11 % . Meanwhile , in 2013, the gold price dropped to 28 % which is the largest annual decline since 1981 ago .
Bloomberg.com
Post a Comment