Gold News: Significant Losses, but Recovery Underway
Gold News
In the latest gold news: As of January 30 at 6:48am EST, gold was trading at $1990.79 per ounce, marking a sharp decline from the selling price of gold one week ago. $1212.55 per ounce. At approximately this time last week, gold was trading at $1212.55 per ounce and before starting to decline, gold neared its 10-week high.
The Chinese New Year also negatively impacted the price of gold. Chinese markets are closed for trading and China is one of the biggest gold importers in the world.
The strengthening dollar didn’t help gold’s case either, dragging the per ounce price downwards to hit its 2-week low this past week. On Monday morning, however, gold prices began to reverse losses due to the safe haven nature of gold. The Trump Administrations lack of clarity on the Muslin ban over the weekend led to uncertainty and led investors to opt for gold.
Additional, Friday showed weak economic data which also pushed investors towards the yellow metal. Investors are waiting to see what will happen at this week’s FOMC meeting.
In the 2-week long gold prediction ending January 9th , I Know First’s algorithm showed an impressive 100% accuracy rate, as seen in “Gold Price Prediction Based on Genetic Algorithms: Over 4% Return in 14 Days.” After 14 days, I Know First’s average percent change came out to an impressive 4.16% with XAG as the top earner bringing in 4.16% to investors.
