Gold Price Gains on Fed Stimulus Hopes

LONDON (July 3) The gold price advanced on Wednesday, boosted by comments on stimulus by Fed officials and a drop in Asian shares caused by weak Chinese data. Bullion appears to have started to recover from last week’s plunge to $1,180.71 an ounce, the lowest price level in nearly three years. However, analysts are not convinced that gold had hit a bottom, with some suggesting that another slump could take the price below $1,000 an ounce.