Gold News: Prices Shoot Up

Gold News

In the latest gold news: As of January 8 at 2:16pm EST, gold was trading at $1,171.73 per ounce, up significantly from its trading price of $1,148.85 from Tuesday.

Gold News

This week, the minutes from the Fed’s December meeting were released and showed that they are uncertain as to what the economic ramifications of a Trump Presidency will be. This caused the dollar to continue to weaken. As a result of this, analysts are expecting future interest rate hikes to come at a much slower pace, which gave gold a boost.

While gold prices are up overall this week, they declined towards the latter part of the week. The release of the monthly job showed weaker economic data than expected by analysts, which sent gold down.

In a forecast dated December 29, I Know First’s algorithm showed 100% accuracy with regards to its gold predictions in the 7-day long gold prediction ending January 5th as seen in “Gold Outlook Based on Pattern Recognition: Over 3% Return in 7 Days.” After 7 days, I Know First’s average percent change came out to an impressive 3.42%.

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