Gold News: Possibility of Interest Rate Hike Sends Gold Down

Gold News

In the latest gold news: As of August 22, 2016 at 6:44AM EST, the price of gold was $1319.58, marking a slight decrease from last week. At approximately this time last week, gold was selling for $1335.30 per ounce. Today’s gold price is near a 5-week low for the bullion.

Gold News

At a meeting with Fed leaders in Jackson Hole, Wyoming, Fed chairwoman Janet Yellen expressed that since the economy has been improving as has the labor market over the past few months, the Fed may hike up interest rates in September. The following day, the price of gold rose slightly because of the unexpected announcement, but ultimately plummeted because as interest rates increase and the dollar strengthens, the demand for gold goes down.

Even though the price of gold has decreased in the US, jewelers in India are still buying lots of gold to meet the demand of gold by retailers. The price of silver in India also increased because of increased use by coin makers.

On May 27th, I Know First’s algorithm accurately predicted that gold and silver show strong positive growth as seen in “Gold Price Outlook Based on Predictive Statistics: Over 10% Gain” I Know First’s average percent change came out to an impressive 10.12%.



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