Gold News: Stronger Economy Forces Gold To Decline

Gold News

In the latest gold news: As of July 10 at 9:04am EST, gold was down, posting another week of losses, trading at $1,209.59 per ounce, compared to $1,231.00 per ounce from approximately this time last week. This marks the fifth consecutive week of declines for the bullion. Early Monday morning, gold prices hit their 3-month low.

Gold News

The dollar showed gains last week, boosted last Monday by solid data beating expectations for the Manufacturing Index. Thursday’s data on the Non-Manufacturing Index beat expectations as well. Additionally, Friday’s release of the US job data didn’t make a strong case for the bullion. The data showed 222,000 jobs added to the US economy in June and the strengthening of the economy lends the case for another interest rate hike before the year’s end. Higher interest rates could negatively influence the price of 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.

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