Gold: Gold moves around the USD1420 levels

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Gold stabilized around the USD1420 levels as the violence in the Middle East boosted the metal’s safe-haven nature. Investors however remain cautious towards the metal having in mind the expectations for a more tight monetary policy to be in effect in the Eurozone.

According to a major bank’s senior manager the market is beginning to believe that there will be no QE3. There are constant issues such as geopolitical unrest, rise in inflation, weakening dollar all of which have failed to provide gold with a high value like last year. Spot Gold yesterday fell at USD1410 an ounce following the gains of the dollar against the Euro while is currently traded at USD1417.34 an ounce