The Phaserl


Daily Nugget – China does more to boost gold

by Jan Skoyles,

Over the weekend lending rules were changed in China which saw the gold price edge higher overnight and push it up as high as $1,325. China’s PBoC said that they had ended a floor on lending rates, a move which is seen as a step towards offering consumers more spending power.

The dollar also remain weakened following Bernanke’s testimony which helped the price of gold.

The gold price has surged 6.7% in the last two weeks, the longest streak since November 2011. Last week’s gains were predominantly on the back of Bernanke’s testimony where he stated that it was too early to start speculating over tapering of bond purchases. This was seen as positive for gold investment, especially as Bernanke hinted that he was looking for further economic evidence that the economy was on the mend.

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