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9 Sep 2015
Gold falls to 3-week lows
FXStreet (Córdoba) - Gold prices have fallen sharply on Wednesday as investors turned to risky assets, fueling a rally in global stocks in detriment of safe-havens.
The yellow metal decline gained pace after breaking below previous weekly lows at the $1115/oz area. XAU/USD bottomed out at the $1111 area in recent dealings, posting its lowest level since August 18.
Global equities rallied, diminishing demand for the yellow metal, amid hopes of more monetary stimulus from China and Europe in the coming months.
Meanwhile, uncertainty whether the Federal Reserve will raise rates next week has been also weighing on the metal, that has fallen five out of the last six trading days.
The yellow metal decline gained pace after breaking below previous weekly lows at the $1115/oz area. XAU/USD bottomed out at the $1111 area in recent dealings, posting its lowest level since August 18.
Global equities rallied, diminishing demand for the yellow metal, amid hopes of more monetary stimulus from China and Europe in the coming months.
Meanwhile, uncertainty whether the Federal Reserve will raise rates next week has been also weighing on the metal, that has fallen five out of the last six trading days.