Gold price kicks off 2014 with a bang

On the Comex division of the New York Mercantile Exchange gold for February delivery added $28 an ounce to $1,230.80 in early afternoon trade.

Gold was boosted by a weaker dollar, bargain hunting, investor rotation out of US stocks which after a record setting 2013 suffered a triple digit loss on Thursday.  The price of of gold ended 2013 down 28% at a shade over $1,200 an ounce, bringing a 12-year bull run that took it from around $270 an ounce at the end of 2000 to a record high above $1,900 in September 2011 to a decisive end.

Investors exited the market in droves last year and selling accelerated again in December, with holdings in exchange traded products backed by gold falling the most since June. Net selling for the year amounted to 869 tonnes with the bulk of the selling – 586 tonnes – occurring in the first half of 2013.

Read More: www.mining.com/gold-price-kicks-off-2014-with-a-bang-93201/