Gold News: Spicing Things Up

Gold News

In the latest gold news: As of July 24 at 9:38am EST, gold was trading at $1255.53 per ounce, marking the second week of positive growth for gold. At approximately this time last week, gold was trading at $1234.13 per ounce.

Gold News

Last week, the dollar fell significantly, bolstering safe haven gold. There was a selloff of the dollar following ECB President Mario Draghi’s announcement that the ECB will discuss how to proceed with monetary policy tightening when they convene in the fall.  Friday’s announcement from the White House that Sean Spicer is resigning as White House Press Secretary also sent gold higher as turmoil in the Trump administration leaves investors unsure of if Trump’s agenda for tax reform and increase infrastructure spending will get pushed through and what turmoil has yet to fall upon the US government.

Investors are now turned to this week’s Federal Open Markets Committee meeting where the Fed is set to discuss a potential future interest rate hike. However, the expectation is that the Fed will leave interest rates unchanged for the time being.

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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