| It was a spectacular week for gold. The metal gained 4.6 per cent to close at $1,280/ounce. The decision by the Swiss National Bank to let the Swiss franc rise against the euro and to cut interest rates to a negative 0.75 per cent stoked demand for gold.
The US SPDR Gold Trust, the largest gold-backed exchange traded fund, saw its holdings rise by over 23 tonnes to 730.89 tonnes in the week. The US dollar index moved to hit a high of 93.26, but closed at 92.5, only marginally higher from the previous week’s close. The rally in the Swiss franc and the disappointing numbers from the US pegged the greenback lower...............................................Full Article: Source
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