Gold prices held near 5-year lows Thursday morning despite an increase in physical demand, as traders continue to bet on an interest rate hike by the Federal Reserve.
Fed Chair Janet Yellen may shed light on the Fed’s next moves when she speaks this morning at 9:30 am ET.
Meanwhile, Chinese buyers are reportedly snapping up gold at low prices as Beijing plans to devalue the yuan.
Global gold demand rose 8% in the third quarter, Marketwatch reported citing the World Gold Council.
Still, gold has fallen sharply this month. U.S. gold for December was down 1 dollar at $1084 an ounce.
The material has been provided by InstaForex Company – www.instaforex.com