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Gold prices level off after 3-day rises

8th August 2012

Gold prices stalled yesterday after three consecutive days of gains which were fuelled by hopes of central bank stimulus on both sides of the Atlantic.

Prices could rise again if the European Central Bank moves to end its three-year financial crisis by launching a new round of bond-buying, as it would make gold an appealing option for investors looking for an inflation hedge.

The US Fed could also look to boost the American economic situation with more quantitative easing.

Spot gold was relatively stable trading at $1,610.31 per ounce this morning - its price had increased by more than one per cent over the past three sessions, while US gold futures are currently valued $1613.10.

After reaching a one-week high of $28.23 per ounce yesterday, spot silver eased slightly to $27.99.

However, traders believe that until it breaks its current sideways trend the price will struggle to surpass £28.50.

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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.