22nd October 2014
Gold trading reached levels not seen for six weeks yesterday, as worried investors chose the safe haven option on the back of negative market buzz about the fortunes of the global economy.
Data from China showed that GDP grew by 7.3 per cent between July and September, which may have been a little up on estimates, but was down from quarter two's figure – much to the chagrin of the investing community.
The gold price was also affected by a report from Reuters which suggested that the ECB is looking into the corporate debt market in order to encourage growth and ward off deflation in the eurozone.
On top of all that, there are now falling hopes of the US Fed upping its base rate any time soon, which is good news for gold trading, but not so much for the dollar. As a result, at 0700 GMT today, the gold price sat at $1,248 an ounce.
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