Gold News: Dollar Recovery Eases Off Gold Year High

Gold News

In the latest gold news: As of September 11 at 9:29am EST, gold was trading at $1333.66 per ounce, easing off what had been a year high price for gold earlier in the week. At approximately this time last week, gold was trading at $1334.76 per ounce.

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In a slightly more optimistic turn of events compared to last week, this weekend forwent the news of any more missile testing on North Korea’s part, which put slightly more ease in the recent geopolitical tensions. Furthermore, Hurricane Irma, although extremely devastating, had less immediate impact than originally predicted. All of this has led to the market reaction of a stronger dollar. This means that investors are feeling more confidant in the market once again, and believe they can at least temporarily return to trading riskier assets. As aforementioned, the price of gold recently has very strongly been dependent on the dollar price due to a majority of trading resting on momentum instead of regulatory movements. Hence, in response to the stronger dollar, the price of gold has since gone down. This comes off of what was a yearly high earlier in the week, nearly breaking the $1400 line.

However, many analysts have since cautioned that investors should remember that this movement remains based strongly in the momentum of the market. Hence, it is pertinent to remember that the overall geopolitical situation is one of tension and doubt. The dollar could easily drop back down on response to more unsettling news, which would sling the price of gold upwards once more.

This sentiment remains prevalent and is causing the bullion to stay strong yet ease off slightly. In the 14-day gold prediction ending September 05, I Know First’s algorithm based on a stock prediction algorithm showed an impressive 100% accuracy rate, as seen in “Gold Forecast Based on Artificial Intelligence: Returns up to 5.15% in 14 Days.” After a month, I Know First’s average percent change came out to 4.22% with XAG as the top earner, bringing in an impressive 5.15% return to investors.


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