16th September 2014
The gold price dropped to its lowest level since early January yesterday, as the precious metal continued to track downwards ahead of this week's US Fed policy decision.
It’s a course that gold has been following every day since early on in the month, as investors prepare themselves for an alteration to American interest rates which could make backing more volatile futures a more profitable exercise.
Yesterday's gold trading movement was also fuelled by New York manufacturing stats, which showed the quickest improvement for more than four years. After coming in at 14.7 in August, it had been expected to speed up a little, but the actual result of 27.5 surprised many on the markets.
Although it's just one area of the States, if that kind of movement is replicated nationwide, it could convince the Fed that it's time to unplug the life support and let the economy walk on its own two legs. By 0700 GMT today, the gold price had moved a little from its eight-month low and sat at $1,236 an ounce.
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