Gold Edges Up From 5 Week Low On Weaker Dollar

Gold rose on Thursday, lifting from a five-week low hit in earlier trade, helped by a lower dollar, Sweden’s surprise decision to launch monetary stimulus and heightened uncertainty over Greece’s debt.

Spot gold fell to its lowest since Jan. 9 at $1,216.45 an ounce, before recovering to trade up 0.3 percent at $1,223 per ounce. U.S. gold for April delivery edged up 0.2 percent at $1,222 an ounce

“The only thing that is pushing up gold a little bit is the lower dollar after the BoJ media report and also the Riksbank’s aggressive monetary action,” ABN Amro analyst Georgette Boele said.

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Macquarie analyst Matthew Turner said. Global shares rose as investors welcomed a ceasefire agreement between Russia and Ukraine and surprising stimulus measures by Sweden’s central bank.

Financial markets had been under pressure because euro zone finance ministers were unable to agree with Greece on a final statement or a way to continue talks until their next meeting on Monday to extend an international bailout.

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Gold demand hit a five-year low last year as buying of jewelry, coins and bars failed to keep pace with 2013’s elevated levels, particularly in major consumer China, the World Gold Council said on Thursday.

Silver rose 0.4 percent to $16.82 an ounce. Platinum gained 0.9 percent at $1,202 an ounce, while palladium was up 0.2 percent at $767 an ounce. Source:CNBC

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