[14th – 20th February 2017] Weekly gold prices report
On Tuesday, 14th, gold prices recovered back to $1,233 per ounce. This $3 increase was due to the latest inflation data in the US and a weaker-than-expected euro.
However, that small gain was going to be lost on Wednesday, 15th. The Dollar rose against the Euro and that day's latest data coming from the USA showed that the cost of living there was rising at its fastest pace in 5 years. Gold ended up at $1,220 an ounce.
After this sharp fall in gold prices, the world's stock markets retreated on Thursday, 16th, which provoked a significant increase in the price of gold. Gold's price beat Tuesday's increment reaching as high a value as $1,239 per ounce.
On Friday, 17th, gold prices experienced their highest value at week-ends since the new US president sat in the White House. They held above $1,240 per ounce as the world's stock markets continued to fall.
Experts drew their conclusions: "There is an increased fear of European political risk,” said equity strategist at Bank of America 'Merrill Lynch' Manish Kabra.
On his part, Russ Koesterich, fund manager at the global wealth services giant 'Blackrock', declared that: "People are not that nervous, and there are things that could go wrong. [That] adds to the argument for buying gold as part of a wider portfolio.”
After the weekend, Monday, 20th dawned with lower gold prices. At the possibility of an increase of the US interest rates, the dollar has strengthened. Nevertheless, gold's price maintained the same value with which it started at the beginning of the week: $1,233 per ounce.
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