Gold News: Weak Data Makes a Fourth Week of Gains

Gold News

In the latest gold news: As of June 4 at 10:55pm EST, gold continued to rally and was trading at $1279.97 per ounce, up from the price of $1266.88 from approximately this time last week. This marks the fourth consecutive week of gains after close to a month of losses.

Gold News

The rise of the price of gold this week can partially be attributed to the weak US job data. The data showed that growth stalled in May, coming after two consecutive months of weaker than expected job data. Because the reports have not been strong as of late, the case for a fed interest rate hike is weakened, which is good news for non-interest yielding assets like gold.

In a statement on Saturday, the Indian government announced that they will levying a 3% tax on gold as part of a new nationwide sales tax to take effect July 1. The Goods and Services Tax was expected to be 5%. Gold jewelry, silver, and processed diamonds are all included in the tax, while unprocessed diamonds will be taxes at 0.25%.

In the week-long gold prediction ending June 2, I Know First’s algorithm based on predictive analytics showed an impressive 100% accuracy rate, as seen in “Gold and Silver Forecast Based on Artificial Intelligence: Returns up to 2.22% in 7 Days”. After seven days, I Know First’s average percent change came out to 1.93% with both physical silver as the top earner, bringing in an impressive 2.22% return to investors.

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