ISTANBUL
Gold prices on Friday reached their lowest point in the last four years.
Traditionally regarded as a safe investment, gold prices reached $1,163.12 per ounce at 13.20 GMT, down more than $33 on Thursday’s close.
Some of the low demand was due to the U.S. dollar, which rallied further after Japan -- the world’s third-largest economy -- decided to expand its stimulus measures.
Gold prices started falling from $1,200 on the day the Bank of Japan’s board voted to quicken its pace of quantitative easing.
The Japanese Central Bank will expend annual Japanese government bond purchases to an annual pace of 80 trillion yen per year from its previous target of 60-70 trillion yen.
Gold prices reached $1,180 on Friday morning, which analysts describe as a strong resistance point where markets may react and start to sell gold.
However, analysts stress that as long as prices remain under $1,200 per ounce, the downward trend will likely continue and prices could reach $1,140, another key support.
www.aa.com.tr
