Sunday, June 24, 2012

Gold losing its shine as its price tumbles in recent weeks

Gold usually thrives in times of financial turmoil but its price has tumbled in recent weeks, wiping out all the gains made this year.

Gold fell 2.4 per cent from Wednesday to US$1,569.23 (S$2,004) per ounce on Friday evening. This is a 12.1 per cent slide from its high of US$1,748.23 per ounce in February this year.

The slide started after the US Federal Reserve extended a programme aimed at keeping long-term interest rates low. Operation Twist, which was supposed to end this month, will now continue till the end of the year.

That has undermined one of gold's traditional strengths - as a hedge against inflation. With long-term interest rates expected to stay low, investors see less need to buy bullion.

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