[7th – 13th February 2017] Weekly gold prices report
On Tuesday 7th, the price of gold reached its 3-month highest value both in terms of dollars and euros: $1,236 and 1,150 EUR. These prices resulted from the concern that Greece increasing its debt.
The economic and political concerns over Europe continued on Wednesday, 8th when gold prices rose to $1,240 an ounce. This increase took place after France's presidential candidate proposed to reject Euro, and Italy's membership of the EU was questioned. Later that day gold regained half of the value lost after the USA presidential elections.
During Thursday, 9th, prices were at $1,240 per ounce – a 10% gain since mid-December. However, on Friday, 10th, the dollar grew stronger when the U.S. President promised to cut business taxes by the end of this month. As a consequence of the dollar rising, gold prices went down to $1,227 an ounce.
After the weekend, gold prices recovered a bit. On Monday, 13th, gold prices were at $1,230. According to Reuters' analyst Wang Tao, gold prices may go down again. However, the political risks from Europe's elections and the worries over the policies of the USA president will increase gold purchase.
Hareesh V., research head at Geofin Comtrade Ltd., declared that "prices are likely to recover again, even though there may be slight corrections. Global uncertainty from the U.S., Europe and on the Korean front will drive global prices high again as prices couldn't break the December-low."
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