Gold prices rose in today's session for a second consecutive day re-approaching the USD1200 threshold once again after Friday's losses as investors demand for a haven is spurred by the political crisis in Greece. At the end of last week the precious metal was quoted intraday at a one-month low at USD1,167.30 before gaining ground.
The course of trading also influenced statements of the ECB Draghi, who acknowledged the high risk that the ECB will not be able to fulfill its mandate. As he pointed out, to fulfill the mandate under which the ECB should be the guarantor of price stability, it has become more difficult than six months ago, while reaffirming its commitment to action at the beginning of this year, if circumstances so require.
The precious metal continues to be under pressure with a strengthening greenback as the U.S. economy recovers and the FED is moving closer to raise interest rates. Falling oil prices make an inflation-hedge via gold less attractive. Volumes are back at normal levels after the holiday-shortened sessions.
The precious metal is currently quoted at USD1,192.00, 0,35% a troy ounce.
GOLD currently trading at USD1,192.00