Gold prices report on 10th April
As the year progresses, different happenings support investors' choice for gold. Last week, gold prices reached their highest value in five months, and the reasons affect the whole world.
Find the latest and most noteworthy events in the gold market in this weekly report.
The week started with a sharp rise of gold prices on Tuesday 4th, as the latest English reports informed. The price, $1,260 per ounce, was already gold's highest value since November 10th. Major government bond prices also rose that day in the face of this month's French presidential vote.
"Gold faces a probable double top near $1,264," says the latest technical analysis from the French bank Société Generale, pointing to a possible price above $1,300 per ounce.
However, gold prices fell back below $1,249 per ounce on April 5th, when the US dollar and the world's stock markets increased their value. This trend continued over the following day, but due to the Federal Reserve's latest policy meeting, gold prices also rose to $1,258 per ounce on Thursday 6th.
In a matter of hours, investing in gold became a global trend. On Friday 7th, gold prices jumped to $1,270. However, the happenings preceding the rise were less fortunate. US jobs data said the world's largest economy created just 98,000 jobs in March which added value to gold.
That was the starting point of gold prices after the weekend. On Monday 10th though, the price of gold went down against a rising dollar: $1,252 an ounce. However, experts claim that, due to the current geopolitical tensions, investors will continue to buy gold as a safe-haven asset.
And they go even further: Ronald-Peter Stoeferle, managing partner at the Incrementum AG company, based in Liechtenstein, forecasted that the high demand would make gold prices climb from $1,400 to $1,500 per ounce.
In a world of uncertainty, take refuge on gold.