Gold News: A Continued Path of Decline
Gold News
In the latest gold news: As of November 28, 2016 at 7:59AM EST, gold was trading at $1888.02 per ounce. At approximately this time last week, gold was selling higher at $1213.55 per ounce, continuing the declining trend in gold prices since Donald Trump was elected president of the United States.
Despite the overall drop in gold prices over the last week and gold hitting its 9-month low, gold futures rose in early Monday trading as the dollar became weaker. The comes on the heels of hints that the expected interest rate hikes will be more moderate than projected. Because the price of gold is lower than it has been for an extended period of time, investors in Asia looked at the opportunity to buy low in hopes that gold will rise in value.
The EU voted to have laws regarding gold imports and sales from conflict regions in Africa to ensure that the money being put into these African economies is not being used to fund rebel groups. Until this point regulation was voluntary, but now it is legally binding and proof will need to be obtained that the gold was not sold under inhumane conditions.
It’s currently the height of wedding season in India, a time where traditionally a lot of gold is purchased by the groom as gifts… and not just to the bride. However, about 2/3 of India’s gold consumption comes from farmers, but farmers are short on cash this season, struggling to buy basic products for their farm, driving the demand for gold down.
In a forecast dated October 26, I Know First’s algorithm showed 100% accuracy with regards to its gold and oil predictions in the month long gold and oil prediction as seen in “Gold Prediction based on Machine Learning: Returns up to 7.30% in 1 Month.” After 30 days, I Know First’s average percent change came out to an impressive 5.71%.
