The start of the new trading week was marked by speeches of Ben Bernanke and Mario Draghi, heads of two world’s major central banks - the ECB and Fed. Market participants are still looking forward to some signs of certain steps. Waiting for news, traders were buying into Gold.
In Monday’s trading session, the price of Gold rose to 1610 US dollars per troy ounce.
Mario Draghi reaffirmed his intention to take further decisive steps and the pledge to do whatever it takes to save the euro. The central problem is the rising yield of Spanish and Italian bonds. According to unofficial data, policymakers are about to ratify a program of Spanish bond purchase amounting to 300 billion euros.
In his turn, Ben Bernanke made the same promise again:
He announced that the Federal Reserve System is ready to act immediately if negative trends keep prevailing on the market.
Apparently, high unemployment, decreasing consumer spending, slowing activity and overall US economic slump are insufficient to be regarded as signals to act.