Gold News: Interest Rates Up, Gold Down
Gold News
In the latest gold news: As of June 12 at 8:22am EST, gold was down significantly trading at $1252.29 per ounce, compared to $1269.58 per ounce from approximately this time last week. This marks the second consecutive week of declines and is nearly at its one-month low.
The biggest catalyst that drove down the price of gold is the Fed’s decision to raise interest rates by 0.25% at their June meeting that took place on Tuesday and Wednesday of last week. Immediately following Wednesday’s 3:00pm announcement of the interest rate hike, the price of gold plummeted.
The bullion is strengthening going into Monday trading because of uncertainty of what the outcome will be of the British meetings in Brussels that begin today to discuss the terms of Brexit more clearly and in more detail.
In the 14 day gold prediction ending June 7, I Know First’s algorithm based on predictive analytics showed an impressive 100% accuracy rate, as seen in “Gold and Silver Outlook Based on Stock Prediction Algorithm: Returns up to 3.13% in 14 Days.” After two weeks, I Know First’s average percent change came out to 2.89% with both physical silver as the top earner, bringing in an impressive 3.13% return to investors.