MW-DD478_swissa_20150115055212_ZHA shocking move from the Swiss National Bank sent the dollar reeling and gold prices flying higher on Thursday. In mid-morning European trading hours, Switzerland’s central bank scrapped its long-standing floor against the euro, which sent the Swiss franc EURCHF, -14.09% soaring 14% against the euro and the dollar USDCHF, -13.02% The central bank also cut its interest rate on sight deposits to a negative 0.75%. When the dollar falls, gold prices tend to push higher. Gold GCG5, +1.95% for February delivery surged $17.70, or 1.4%, to $1,252.30 an ounce. March silver SIH5, +1.04% rose 13 cents, or 0.8%, to $17.12 an ounce. “Negative interest rates should be positive for gold. According to the SNB press release, the decision to lower interest rates sizably was made to avoid unintentional tightening of monetary conditions following the removal of the exchange-rate floor,” said UBS analysts Edel Tully and Joni Teves in a note. “The broken floor should be bullish for gold though, in general. It is likely it will test $1,245 resistance again today,” said Petko Bankoff, a private trader based in Veliko Turnovo, Bulgaria. More