Gold News: Low Rates, Weak Data, and Geopolitics

Gold News

In the latest gold news: As of July 31 at 9:08am EST, gold was trading at $1267.27 per ounce, marking the third week of positive growth for gold. At approximately this time last week, gold was trading at $1255.53 per ounce.

Gold News

Investors tuned in last week to the Federal Open Market Committee’s meeting that took place on Wednesday and Thursday where the FOMC decided not to raise interest rates. Investors sentiment about another rate increase in 2017 is low which is boosting the bullion.

Friday’s release of US economic data wasn’t particularly inspiring to investors and sent the dollar down near its 13-month low. GDP was in-line with forecasts, but forecasts from the previous month had been lowered. Wage growth for the second quarter came in at 0.5% vs. 0.8%. Inflation increased only 0.9% vs. the growth of 2.0% during Q1.

Saturday showed once again the geopolitical chaos going on between the US and North Korea. Following North Korea missile tests on Friday, the US flew two B-1B bombers over the Korean Peninsula as a sign of force.

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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