Gold prices performed incredibly well last week and they have continued to do so right after Easter was over.
What has favored the gold market these last days?
The week already started with an increase in gold prices. Tuesday, 11th saw gold priced at $1,260 per ounce as well as a new sense of optimism in the economy of the Eurozone.
The chief economist Thomas Gitzel at Liechtenstein-based private bank VP declared at Reuters that this optimism was the strongest one since December 2015. On the other hand, gold prices went higher too because the USA presidency changed its foreign policy in relation to Syria and North Korea, which made headlines worldwide.
The rising trend continued on Wednesday, 12th, when an ounce of gold cost $1,275. Gold's value was at its highest level since November. According to the LBMA Gold Price Monthly Volume Report, the price of gold has risen at its fastest pace since New Year's Eve. The report also shows that the demand for gold has also risen in the last 3 months.
On Thursday, 13th before the holiday season, gold enjoyed the highest price of the week: $1,286 per ounce. It held onto this value during the last Easter days (from Friday, 14th to Monday, 17th) and only declined by two dollars on Tuesday, 18th.
A strongest dollar made assets such as gold cheaper - $1,284 per ounce - for holders of foreign currencies. The demand for this precious metal also increased due to the current geopolitical tensions over North Korea.
All in all, this short week has had a positive influence over the gold market. It is the right time to create personal gold reserves.
The world's investors take refuge on gold.