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Gold retreats in commodities trading

15th December 2014

Gold has retreated in commodities trading ahead of a US Federal Reserve meeting to discuss the possibility of raising borrowing costs.

After rising by as much as 2.6 per cent last week - the biggest since October - spot gold was down 0.3 per cent at $1,218.80 on Monday morning.

Oil has been trading near a five-year low as the United Arab Emirates indicated OPEC has no intention of reducing output even if prices slump to $40 a barrel.

Brent futures fluctuated in London after falling 2.9 per cent on 12th December. After declining to nearly $60 a barrel on the back of an International Energy Agency prediction of further falls, prices recovered to $62.35.

Meanwhile, in forex trading, the Australian dollar fell to four-year lows against the greenback after the Australian government forecast a wider budget gap and a rise in the unemployment rate in 2015.

During late Asian trade, the pairing hit 0.821 - its lowest level since June 2010. It later consolidated at 0.823, slipping 0.15 per cent.

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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.