Gold News: Slight Decline due to Suspected Interest Rate Hikes

Gold News

In the latest gold news: As of September 12, 2016 at 7:27AM EST, the price of gold was $1325.88, showing a decrease from last week. At approximately this time last week, gold was selling for $1331 per ounce.

Fed policymakers hinted at an interest rate hike possibly even as early as the end of the month.  Interest rates were not expected to be raised until at least December and the newest speculations have been negatively effected. Gold yields no return so a weaker dollar causes investors to go long on the bullion.

In India, the price of gold is on the rise due to the desire for gold by jewelers who have been buying the precious metal. While the price did increase, the effect of jewelers was marred by the drop in the price of gold abroad. Silver, on the other hand, dropped because of a decrease of silver use in the industrial industry.

Harmony Gold and White Rivers Exploration uncovered a large gold mine in an area of South Africa that is a largely unmined “golden area.” The gold deposit holds approximately 11.5 million ounces of gold.

On August 26th, I Know First’s algorithm accurately predicted that gold and silver would show positive growth in the 14-day gold prediction, as seen in “Gold Price Outlook Based on Big Data: Almost 1% Return.” I Know First’s average percent change came out to an impressive 0.89%.



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