Gold News: Prices Drop Ahead of Fed Meeting
Gold News
In the latest gold news: As of September 12, 2016 at 7:47AM EST, the price of gold was $1314.40 showing a marked decrease from last week. At approximately this time last week, gold was selling for $1325.88 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. Investors await the Federal Reserve’s announcement on September 21st, following their meeting where they will discuss, among other things, if there should be an interest rate hike. The Bank of Japan will also meet this week and is expected to make their policies less stringent.
In India, people are flocking towards jewelers that buy gold and cashing in on the fact that gold has risen significantly since the start of 2016. This has led to the recent decrease of gold imports to the country that vies with China to be number one gold importer in the world. From January to September, India’s gold imports decreased by over 50%.
On September 14th, I Know First’s algorithm accurately predicted that gold and silver would show negative growth in the 3-day gold prediction, as seen in “Gold Forecast Based on Deep Learning: Short Position Return of 0.50%.” I Know First’s average percent change came out to an 0.50%.
