Institution: Gold Price Reclaims $5000+ as Investors Buy the Dip
BlockBeats News, February 9th, according to institutions, as bargain hunters re-entered the market after experiencing an unusually volatile week, spot gold once again broke through the key level of $5,000 per ounce. Supported by Japan's Prime Minister Kan Naoto's overwhelming victory in the election, spot gold rose 1.6% in early trading. This result reinforces the market's expectations of loose fiscal policy and keeps the yen under pressure, thereby supporting the gold price.
As of last Friday's close, the gold price had fallen by about 11% from the all-time high set on January 29th, but the year-to-date gain was still 15%. Traders are also closely watching the upcoming U.S. economic data to better assess the Fed's policy direction. The January non-farm payroll report, scheduled for release on Wednesday, is expected to show signs of a stabilizing labor market, while inflation data is planned for release on Friday. (FXStreet)
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