Gold News: Gold & Silver Climb Higher On Industry Demand
Gold News
In the latest gold news: As of October 9 at 10:14am EST, gold was trading at $1280.32 per ounce, remaining steady at a price range below the previous heights of $1300. At approximately this time last week, gold was trading at $1275.57 per ounce.
After hitting $1300+ highs, gold rapidly dipped down over the last few weeks, following a strengthening dollar and an ease up in geopolitical tension. However, gold prices have since rallied from the $1260 low and are steadily climbing back up to a stronger position. This is in accordance with a rise in silver prices as well, the two precious metals surging in price together. For the two metals, this is primarily due to a recent increase in market demand by jewelers, industries, and retailers. This is only part of the explanation for the recent rally for gold. As always, one needs to take in to account the political scenario involving current geopolitical tensions, which have had a heavy impact on gold’s price fluctuations. President Trump’s recent comments that the negotiations with North Korea are “making fools of US negotiators” and might just be the “calm before the storm” have led investors to be cautious and take stock in the safety of gold. It is possible, however, that recent movement in reaction to news regarding North Korea may be tempered by investors having gotten used to such alarming news so often over recent weeks. Hence, one should be cautious when gauging gold price movements over the current political scenario.
In other news, one of the main interests involving gold in upcoming events is the replacement of Federal Reserve chair Janet Yellen. Her term ends in four months and Wall Street is currently heavily invested in who will possibly replace her and how this will affect the Fed’s monetary policy. This will directly affect the dollar and, keeping in mind the dollar-gold relationship, will also affect the price of gold in upcoming months.
This sentiment remains prevalent and is causing the bullion to slowly climb and remain somewhat steady. In the 90-day gold prediction ending September 16, I Know First’s algorithm based on a stock prediction algorithm showed an impressive 100% accuracy rate, as seen in “Gold Price Predictions Based on Deep Learning: Returns up to 5.24% in 3 Months.” After a month, I Know First’s average percent change came out to 5.22% with XAU as the top earner, bringing in an impressive 5.24% return to investors.
