Gold News: Gold Climbs on Geopolitical Tensions
In the latest gold news: As of April 16 at 9:38 am EST, gold was up to trading at $1284.01 per ounce. This marks a significant increase from the $1248.29 that the bullion was trading for just one week ago.
The main reasoning behind the uptick in the price of the bullion is geopolitical tensions, mainly those with Syria and North Korea. The ramifications of the US air strike on a Syrian base completed taking their effect on gold this week. Additionally, starting after President Trump tweeted “North Korea is looking for trouble” and continuing with news of US warships off of the Korean coast, the price rose dramatically as investors became more uncertain about the future and rushed to a favorite safe-haven asset.
In other gold news, the Turkish government recently announced that they will be taking gold assets from citizens and exchanging them for a new gold bond that comes with a fixed income rate. The aim in doing so is to boost the Turkish economy.
In the week-long gold and oil prediction ending April 12th, I Know First’s algorithm showed an impressive 100% accuracy rate, as seen in “Commodity Outlook Based on Big Data Analytics: Returns up to 3.42% in 7 Days”. After one week, I Know First’s average percent change came out to 2.17% with CL1 as the top earner bringing in an impressive 3.42% return to investors.