Last week was already optimistic for gold prices since its beginning. On Tuesday, January 17th, gold was priced at $1,217 an ounce due to a fall of the world's stock markets. It was also influenced by the 'Brexit' speech where the British Prime Minister said that “Britain cannot possibly stay within the European single market.”
In the light of these events, gold prices held above $1,211 on Wednesday, January 18th.. On that same day, official reports showed the fastest rate of inflation for US consumer prices since spring 2014.
This was followed by a rise of the world's stock markets and a slight decline in gold prices ($1,204 per ounce) on Thursday, January 19th. One day before the United States officially had a president, it was normal that “gold remained vulnerable to a further strengthening of the dollar” said Mitsubishi's precious metals specialist Jonathan Butler.
The expert also added that “together with geopolitical tensions, gold could be reasonably well supported as a risk hedge as the year wears on."
However, in that economic and political scene, Friday, January 20th dawned with higher gold prices: $1,212. Why? Because the market stopped due to the new US President's inauguration. During Saturday, January 21st and Sunday, January 22nd, gold prices remained at a $1,212-$1,210 level.
The highest price of the week has been found today, though. On Monday, January 23rd, the US dollar is facing heavy selling pressure, which has translated into support for assets like gold. Concerns over the US future policies together with today's data have already moved gold prices up by almost 7% since the third week of December.
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