Gold News: Gold Prices Decrease for the 2nd Week and India Holds its Gold

Gold News

In the latest gold news: As of July 25, 2016 at 2:44 AM EST, the price of gold was selling at $1317.38 per ounce. This is a slight dip from $1328.68 per ounce that gold was selling at this time last week. Starting in anticipation of and continuing following “Brexit,” gold had been rallying. However, last week and continuing into this week, gold has been declining. This marks the first two-consecutive-weeks that gold declined since the beginning of May.

Gold News

The bullion has been declining due to the strengthening of the dollar. Additionally, the anticipation of the Fed’s policy maker meeting on July 26 and 27 has caused the price of gold to decrease. Expectations that the Fed will raise interest rates has increased tremendously causing gold to be less desirable.

In India, despite the spike in the price of gold following Brexit, Indians have not been selling household gold. India has also experienced a decrease in the amount of gold being offered to temples.

On June 22, I Know First’s algorithm accurately predicted that gold and silver prices would increase and stocks would have positive returns as seen in “Silver Predictions Based on Machine Learning.” I Know First’s average percent change came out to an impressive 7.69%.

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