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(EMAILWIRE.COM, July 24, 2013 ) San Francisco, CA -- Worldwide, gold hit a high of $1,314.49 per ounce, the highest it has been since June 20th of this year, and has since stood about the same rate at just 2 dollars less. This is the second weekly gain after the Federal Reserve assured the tapering in economic stimulus isnÂ’t set in stone. As a result, the US gold rose 1.49 percent to $1312.10 an ounce.
Because of a weaker yen, the most active June 2013 gold contract on the Tokyo Community Exchange rose as high was 4,243 yen a gramme. Hedge and money managers raised their bullion for better gold and silver futures, while they trimmed their bets in copper.
Just recently, ChinaÂ’s central bank removed controls on bank lending rates that helped market-oriented reforms, positively effecting the gold markets and investing. The yen inched somewhat lower in value last week, but Prime Minister Shinzo Abe is allowing for a prolonged monetary stimulus and experts believed the removal of controls on bank lending, as well as the continuing rising rates of gold will continue to help the economy.
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Benjamin Wrights
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Source: EmailWire.com
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