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Gold is continuing its downward trend this morning, as dealers keen to take on more risk are buying back into equities. Overnight, Ryuzo Miyao of the Bank of Japan (BoJ) stated the current monetary easing policy must be kept in place for the foreseeable future. His comments provided a boost to the equity markets, which are back on track to hit multi-year highs. Gold has declined 5% in the past month, as traders have taken their money out of the precious metal and invested it in stocks. While equity markets continue to move higher, gold is likely to continue its drift downward.
The actions of central banks around the world have been the driving force behind the rally in the equity markets, but there is now speculation that the Federal Reserve might curtail its quantitative easing programme. If the Fed drops any hints about reducing the size of its stimulus package, we might see traders close out their equity positions and buy back into gold, as it is deemed to be a safer investment.