Gold News

Gold holds steady at $860

Gold prices remained at the $860 mark today (January 4th), following a week that saw the yellow metal reach an all-time high.

Prices were at $860.90 per ounce earlier today, with oil also holding back from its own record high of more than $100 per barrel, Reuters reports.

Gold hit a 20-year peak earlier this week when prices soared as high as $866.90 an ounce, which experts attributed to a combination of factors including the weak dollar and geopolitical tensions.

However, Julian Jessop, chief international economist at Capital Economics, warned that such high prices could put a dampener on gold demand from key markets such as India.

"The last time that gold prices reached these sorts of heights [in January 1980] they also soon collapsed - falling by some $200 within two weeks," he told the Press Association.

Recent figures from the US have shown that new job creation rose during December, potentially improving the outlook for the economy as a result and prompting in a surge in FTSE shares late yesterday.


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