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Gold prices reached its highest level in over four months before closing a bit lower last Monday with investors taking in profits following a recent rally due to speculations on the possible release of monetary stimulus by the Federal Reserve during the upcoming meeting of central bankers.
Speculative buying resulted to an increase in gold prices on Wednesday as hopes for an extension on the long-term bond purchase of program may be implemented by the US Federal Reserve. The extension is supposed to stimulate the US economy, which increases the safe haven appeal of the precious metal.
Following its decline during the previous session, gold prices have remained stable at around $1,571 per ounce. The decline resulted from concerns that investors will go for the US dollar for safe haven due to the slowdown in the global economy that resulted from the worsening situation in the European debt crisis.
Gold prices decreased as the attractiveness of the precious metal was reduced due to lower oil prices and a promise of EU leaders to prevent a default by Greece on its debt. The recent drop in the price of gold is its largest weekly decline in the past seven weeks.
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