Gold News: Gold Remains Steady Amidst Uncertainty
Gold News
In the latest gold news: As of October 31, 2016 at 7:35AM EST, the price of gold rose marginally $1273.31. At approximately this time last week, gold was selling for $1266.43 per ounce.
The steady price of gold is due to anticipation of the Federal Open Market Committee’s upcoming meeting this week. Investors will be zoning in on the November 1-2 meeting for an indication of potential interest rate hikes in the near future. An interest rate hike was expected as a given for the end of the year, but weak economic data is making investors less sure of an interest rate hike following the elections.
The trading bond between Dubai and China just became even stronger. The Dubai Gold and Commodities Exchange will now list Shanghai gold futures. This is the first time for a foreign exchange to use a gold product based off the yuan. To ease the transition, the Agricultural Bank of China will be the first to trade the product.
On October 25th, I Know First’s algorithm showed 80% accuracy with regards to its gold and oil predictions in the 3-day gold prediction as seen in “Gold Outlook Based on Deep Learning: Almost 4% Yield in 3 Days” I Know First’s average percent change came out to an impressive 1.52%.
