Gold News: Prices Drop Ahead of Fed Meeting
As of September 12, 2016 at 7:47AM EST, the price of gold was $1314.40
As of September 12, 2016 at 7:47AM EST, the price of gold was $1314.40
As of August 22, 2016 at 6:22AM EST, the price of gold was $1319.09
As of July 4, 2016 at 3:45 AM EST, the price of gold continued to climb and was selling at $1346.89 per ounce.
Gold settled at a second straight weekly loss, as the expectation for an increase of U.S. interest rates as early as next month grew.
Demand for gold and other precious metals are rapidly rising as of late. This is largely due to a the weaker U.S. dollar.
According to industry organizations, gold future are set to be on the rise in the upcoming months due to an increase in demand from investors and central banks alike.
During the early months of 2016, gold has been performing well and outperforming all major asset classes, a surprise to most investors.
There were pretty days for Gold investors, raising about 1.4% during last week.
Since 2011 gold has been in the bearish market. Now, after a strong week for the yellow metal where the price increased to over 4%, some analysts are beginning to be bullish on gold for 2016.
On Friday, US reported payrolls data which was expected to provide more information about the timing of the FED interest rate’s rise. Nevertheless, the uncertainty remains and gold price suffers from this uncertainty. Gold reached a 2-1/2-week low on Monday.
Besides the impact of the Yuan devaluation, the Federal meeting has also played a key role on the gold climbs. Gold have reached its 5 weeks higher level recovering from its lower value on July 5th.
Some analysts voice bullish opinions, while others remain bearish on gold.
Last Thursday, Gold traded slightly lower near 5-1/2- year low on amid interest rate hike prospects from the Fed.
Gold hit a new 5-year low on Thursday before slightly rebounding on Friday, and the commodity could still fall further.
The rout on gold has continued as the precious commodity fell to a near five and a half year low on Friday.
Following the landmark nuclear deal that was agreed upon last week, West Texas Intermediate (WTI) crude oil reached its lowest point in three months.
Gold prices fell even further on Monday in the wake of the news that Greece had reached an agreement to remain in the Eurozone.
Gold’s traditional market movers are out to play this week, pushing gold up, down, and sideways. Uncertainty has always been the main driver of precious metals…