Gold News: Overall Weekly Gains, but on its Way Down

Gold News

In the latest gold news: As of February 13 at 7:30am EST, gold was trading at $1229.52 per ounce. At approximately this time last week when gold was trading for $1223.49 per ounce. Gold has been increasing in recent weeks, but began to decline in from its week-ending price in early trading this morning.

The reasoning for gold’s decline this morning is two fold. The first reason is because investors are waiting for a sign from Fed Chairwoman Janet Yellen that would indicate whether or not we can expect to see an interest rate hike in March.

The second piece of the reasoning is that the dollar is getting stronger. This is the second week in a row that the value of the dollar has risen against the yen and investors are deciding to steer clear of gold and head towards equities.

In the month long gold prediction ending February 8th, I Know First’s algorithm showed an impressive 100% accuracy rate, as seen in “Gold Price Prediction Based on AI: Over 5% in 1 Month.” After 30 days, I Know First’s average percent change came out to an impressive 5.76% with XAU and GLD each bringing 5.95% to investors.


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