[07 – 13 March 2017] Weekly gold prices report
Gold prices fell on Tuesday, 7th morning to $1,223 per ounce, but the technical analyst Wang Tao (Reuters) has pointed this price as a good support level. The fall followed a rising US dollar, but that day, the analyst Jonathan Butler from the Japanese conglomerate Mitsubishi, declared the following:
"We believe there is room to re-build risk hedging in gold in anticipation of extreme, albeit low probability, market turmoil"
In addition, the latest reports from the United States said that a lot of new jobs have been created there - far more than expected in February. Together with another increment of the dollar, gold prices fell again to $1,210 per ounce on Wednesday, 8th.
Gold prices did not differ much on the next day when an ounce cost $1,208. The dollar went stronger again ahead of next week's Federal Reserve decision on interest rates. However, Thursday, 9th counted on the results of a new research note from the Bank of America Merrill Lynch. Experts have claimed that this is the most positive forecast so far this year:
"Inflation and a range of uncertainties – including European elections and protectionism – should support the yellow metal...[to] $1,400 by year-end."
During Friday, 10th, gold prices remained above $1,200 per ounce. And the reasons also remained the same: strong US jobs data and next week's expected interest-rate rise from the Federal Reserve. Nevertheless, the dollar fell ahead of the weekend.
On Monday, 13th, gold prices went up to $1,206 per ounce due to a higher demand for this safe-haven asset ahead of elections in Europe and worries about this week's parliamentary election in the Netherlands.
The whole world takes refuge on gold.