Gold News: Geopolitical Fears Drive Gold Higher
Gold News
In the latest gold news: As of August 14 at 7:47am EST, gold was trading at $1280.86 per ounce, reversing the decline from the previous week. At approximately this time last week, gold was trading at $1256.56 per ounce.
Gold rose last week and hit its two-month high due to geopolitical tensions regarding North Korea and its nuclear missile program. Trump even went as far as to say that his previous threats of “fire and fury” may not have been enough and North Korea went as far as to threaten the US Territory of Guam with missiles.
Another reason that the bullion rallied so significantly last week is due to Thursday’s release of producer-price data. Consumer prices missed expectations of a 0.2% increase in July, rising only 0.1%. This reduced investor sentiment that another interest rate hike is in the near future and sent gold higher.
In the 14-day gold prediction ending August 10, I Know First’s algorithm based on a stock prediction algorithm showed an impressive 100% accuracy rate, as seen in “Gold and Silver Outlook Based on Stock Prediction Algorithm: Returns up to 2.76% in 14 Days.” After two weeks, I Know First’s average percent change came out to 2.24% with XAG as the top earner, bringing in an impressive 2.76% return to investors.
