Financial and political uncertainty is bringing into full play the role of gold in the market. What factors have influenced the price of gold this week? How has April started?
Get to know the answers to these questions and more here:
On Tuesday 28th, the gold market rallied reaching the maximum of the week: $1,255 per ounce. Later that day, prices just lowered down to $1,250 per ounce. This weekly record has been supported by negative economic data from USA.
The range of prices on Wednesday 29th was between $1,253 and 1,248 per ounce. As the news agency MarketWatch has stated, the gold demand this month is being supported by “growing concerns about geopolitics, while the Federal Reserve's lack of commitment to lift benchmark interest rates also helped to support higher prices in the precious metals.”
Gold prices held steady on Thursday 30th , with $1,251 per ounce. Later on, due to a stronger dollar, gold prices reached the minimum of the week: $1,243 per ounce. However, as the head of commodity trading at Standard Bank in Tokyo, Yuichi Ikemizu, said:
“The fundamentals are still bullish for gold, especially with the upcoming elections in France and elsewhere in Europe. So prices are not really expected to go much lower from here.”
On Friday 31st, the upcoming separation of the UK from the EU, which according to British Prime Minister Theresa May will start next Wednesday, started to increase the appeal of gold as a safe-haven investment and gold prices increased up to $1,249 per ounce. On Saturday 1st and Sunday 2nd, gold prices remained at the same price.
On Monday 3rd, April, gold prices were at $1,248 per ounce. Prices are expected to increase together with interest rates after inflation reached its biggest annual increase in almost 5 years. According to experts, gold has a promising future in the long term, with occasional volatility, but with the possibility to reach towards the $1,300 level.
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