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Gold trading rallies after China cuts rates

24th November 2014

China surprisingly cut its interest rates on Friday, which proved beneficial for gold trading during the final session of last week.

However, unlike most gold-related reactions to central bank movements, this one wasn't linked to a rush towards a safe haven – instead, the markets reckon that Beijing's move will encourage more people to buy physical gold in the form of jewellery.

Whatever the reasons behind the spurt in the gold price, it was always likely to be limited due to continued support for the dollar. As the greenback is the currency in which most gold is bought, when it's pricier, it has an adverse reaction on demand for the precious metal.

The dollar has been keeping gold trading in check as a result of good numbers last week, with jobless claims falling, home sales hitting a 13-month peak and Philadelphia manufacturing hitting a 21-year high. At 0800 GMT today, the gold price sat at $1,197 an ounce.?

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.