Gold News: Regulatory Silence Continues Gold’s Upward Trend

Gold News

In the latest gold news: As of August 28 at 2:08pm EST, gold was trading at $1309.49 per ounce, continuing to break the $1300 line from last week. At approximately this time last week, gold was trading at $1291.61 per ounce.

gold news


Although there was a recent sudden drop in gold prices after a mysterious trade of more than 2 million ounces of gold on Friday, gold has since recovered and stayed strong following last week’s trends. This unexpected trade occurred 20 minutes before Federal Reserve Chair Janet Yellen addressed policy makers in Jackson Hole, Wyoming. At the meeting, Yellen made no reference to US monetary policy, choosing to keep a tight focus on financial regulations instead. Combined with later comments made by European Central Bank Chief Mario Draghi, which refrained from mentioning the euro’s strength and mentioned the ultra-loose monetary policy and the euro zone’s economic recovery instead, traders were given a reason to lift gold prices on monetary policy uncertainty according to OCBC analyst Barnabas Gan.

Naeem Aslam, chief market analyst with ThinkMarkets, believes that, since traders were made aware of the Federal Reserve’s position and the European Central Bank’s position, traders will now focus on the momentum instead. This will primarily involve examining movement which is driven by the dollar weakness. The dollar was recently weakened by the storm Harvey, dropping to severe lows and propping up gold.

This sentiment remains prevalent and is causing the bullion to continue to rally. In the 30-day gold prediction ending August 23, I Know First’s algorithm based on a stock prediction algorithm showed an impressive 100% accuracy rate, as seen in “Gold and Silver Price Outlook Based on Big Data Analytics: Returns up to 3.31% in 1 Month.” After a month, I Know First’s average percent change came out to 2.99% with XAG as the top earner, bringing in an impressive 3.31% return to investors.


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