[31st Jan. – 06th Feb. 2017] Weekly gold prices report
From the very beginning of the week, pieces of news about gold prices rising were in the front page everywhere. With a value of $1,210 per ounce, gold seemed to rise nonstop as the USA president took more aggressive decisions. Gold prices on Tuesday, January 31st were affected once more by political unpredictability. Today, it keeps on making gold's buying very attractive.
"Gold is one of the few things you should own,"
said UK hedge-fund billionaire Crispin Odey.
Gold prices retreated a bit on Wednesday, February 1st, at $1,209 an ounce. A slightly stronger dollar resulted from a stronger-than-expected job hiring in the USA. But on Thursday 2nd, gold rose to its highest in 11 weeks: $1,215. That day, more moves from the US presidency pushed not only gold, but also the world's stock markets to record highs.
"Clearly, money managers want to be diversified in these turbulent times as markets question Mr. Trump's ability to deliver strong growth."
Canadian brokerage TD Securities.
The trend continued on Friday 3rd, when gold reached its best price in 12 weeks: $1,216 per ounce. This figure was taken as gold's the best price in 12 weeks, but it was going to be surpassed in the following days.
Gold gained together with the European and New York markets as the dollar kept on falling. As for China, its gold demand in the Lunar New Year holidays has overtaken that of India's Diwali since 2012. The precious metal maintained a value of $1,220 an ounce during Saturday 4th and Sunday 5th.
The week finished with gold at $1,224 an ounce on Monday 6th. The latest data in the USA shows that, even though job hiring is stronger, salaries that do not rise. This is a challenge that the USA president has to face to boost the economy. His moves are decisive, but gold prices forecasts are positive:
"Gold is pointing to push higher from all fronts on charts. The metal may test $1,230 per ounce."
Brian Lan, managing director at GoldSilver Central in Singapore.
Investors have it clear: safety comes first.