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Gold has spent most of the week above the $1320 level, with traders now undecided about what to do next after last week’s price surge followed by a decline. Last Wednesday, the Federal Reserve decided to keep its bond-buying scheme unchanged at $85 billion per month, and this impacted the price of gold as the value of the US dollar dropped. Gold, like all commodities, is traded in dollars, so when the value of the US currency declines it becomes relatively cheaper to buy gold.
The price of gold jumped nearly $70 on the back of the Fed’s decision, but the precious metal began to give up its gains on Friday. Gold is still trading above the pre-Fed-decision level, but we are not seeing much volatility. The focus is still on the Fed, and whether or not it will look to trim the stimulus package at the next meeting. If speculation grows that the Fed will taper the scheme, we could see gold go below $1300.