Gold reached the $1300 an ounce price level Wednesday morning for the first time in over five months as weakness in the U.S. dollar and concerns about European Central Bank stimulus policies led to higher demand for the precious metal. Gold reached a high of over $1303 an ounce in early morning trading, and as of this writing remains north of $1303.
One of the primary catalysts for the rise in gold prices was a drop in the $USD, which fell by .3% in response to a strengthening yen after the Bank of Japan voted to keep its monetary policies unchanged despite calls for another round of monetary easing. The weakness in the $U.S. dollar is seen as a positive for gold, as it makes the dollar denominated precious metal less expensive for investors trading in non $USD currencies.
Tomorrow will be an important day for gold and the precious metals […]