Gold News: First Monthly Decline Since March
Gold News
In the latest gold news: As of July 3 at 8:40am EST, gold was down, posting another week of losses, trading at $1231.00, compared to $1243.96 per ounce from approximately this time last week. June marked the first month of declines for the bullion since March.
Gold continued its decline in the week ahead of Independence Day with a strengthening dollar creating tepid demand for the bullion. While worldwide Federal Reserves are still trying to determine long term policies which will seemingly shift to be more hawkish, inflation remains at low levels, causing investors to shy away from gold and head towards high-yield investments. US economic data released Friday points to the low inflation levels and also that consumer spending increased moderately in May. Equities are near all-time highs which is also leading investors in that direction instead of buying safe-haven gold.
In the 7 day gold prediction ending June 21, I Know First’s algorithm based on predictive analytics showed an impressive 100% accuracy rate, as seen in “Commodity Ranking Based on Deep-Learning: Returns up to 6.95% in 7 Days.” After one week, I Know First’s average percent change came out to 3.46% with both CL1 as the top earner, bringing in an impressive 6.95% return to short investors.