Gold Rallies to Above $1230 Ahead of Chinese New Year

Gold enjoyed its third straight session of gains on Monday with industry experts predicting a little more shine for the precious metal with the Chinese holiday period just around the corner.

The price of spot gold rose by around $6 at the start of the session before easing back a little as European trading hours got under way. The price was at $1,232.40 per ounce by 12.30 p.m. GMT and has clocked a gain of over 4 percent since the start of the year.

Brad Gordon, the CEO of Acacia Mining – a gold mining business operating in Tanzania – said that the feeling in his industry was generally subdued but it is still optimistic that the price was about to head higher in the short-term.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.