Gold prices report on 3 July
1g. 34.12 EUR
1oz. 1061.00 EUR
Price in EUR per kg
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Gold prices report on 3 July
Global InterGold

This year, gold prices have already risen by 8% if compared with the same period in 2016. Specialists of U.S. Global Investors and leading banking analysts predict even more impressive gold rally.

What happened to gold last week and what to expect in the future? Read on to learn all the details.

Gold prices were quoted at $ 1,245 per ounce on Tuesday, 27th due the fall of the dollar, which traditionally leads to gold’s increment.

The situation on the foreign exchange market has changed after the statement by the Head of the Federal Reserve Bank, William Dudley, about a probable increase of the interest rates. Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank, said that "it's mostly the dollar supporting gold".

On Wednesday, 28th, the euro has appreciably strengthened. Fed Chair Janet Yellen's statement about the need for a gradual increase of the interest rates has negatively affected the US national currency: "We are afraid of a weakening, since current expectations can stimulate inflation."

As the dollar fell gold prices increased, amounting to $1,251 per ounce.

Thursday, 29th, saw the euro consolidating after the heads of the Bank of England and the European Central Bank made statements about possible increase of the interest rates. “Probably, some monetary incentives will have to be eliminated: the Central Bank will no longer tolerate compromises, and the decision-making process will enter the normal course,” Mark Carney said.

Gold prices continued their growth to $1,252 under the influence of the dollar fluctuation.

On Friday, 30th, major world’s currencies strengthened against the dollar. Chief economist of the US S&P, Beth Ann Bovino, predicted a possible recession in the American economy in the next 12 months.

However, the forecast of IMF representative Zhang Tao was positive: "Now there are more prerequisites for cautious optimistic views on the prospects of the world economy at the moment, but some risks still exist."

Gold prices fluctuated that day slightly from $ 1,239 to $ 1,248 per ounce.

After the weekend, on Monday, 3rd, gold prices declined slightly, reaching $1,236. This drop was caused by a number of statements by the heads of the world central banks about their readiness to tighten the monetary policy.

Most experts remain optimistic. Goldman Sachs foresees the trend of active gold purchase sustained in developing countries; ABN Amro predicts gold to hit $1,250 per ounce by the end of the year. Meanwhile, specialists of U.S. Global Investors are planning to start new deals with gold amid uncertainty with Brexit and Trump's policy.

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Published: 04.07.2017
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