Gold News: Bullion Posts a 0.3% Gain Despite Potential March Interest Rate Hikes

Gold News

In the latest gold news: As of February 20 at 7:08am EST, gold was trading at $1235.93 per ounce, marking a slight increase from last week’s selling price of $1229.52 per ounce. This is the third consecutive week that gold showed weekly positive growth.

The price increase this week is quite unexpected and against the norm given the following news. This week Janet Yellen hinted that a March interest rate hike is definitely a possibility. Normally news of an interest rate hike would send gold way down. However, due to the uncertainty surrounding Trump’s economic policies, investors stayed put with their gold investments and even bought more of the safe haven investment.

However, not all is well in the world of gold. India is the second largest gold importer in the world and the amount of gold importer dropped by 28%. Additionally, while gold prices did rise in the US, they only rose by 0.3% as opposed to the 3.8% in the 2 preceding weeks.

In the month long gold prediction ending February 18th, I Know First’s algorithm showed an impressive 80% accuracy rate, as seen in “Gold Forecast Based on Algorithmic Trading: Almost 5% Return in 1 Month.” After 30 days, I Know First’s average percent change came out to 1.35% with XAG as the top earner bringing in an impressive 4.79% return to investors.


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