Where is the Gold Price Going?
Thursday, January 19, 2017 at 05:07PM
The gold price has steadied above the $1,200 per ounce mark since Jan. 16–is the precious metal heading for a bull run?
It goes without saying that the gold price is ever-fluctuating on not only a daily basis, but minute-by-minute, it seems.
As such, the yellow metal reached an eight-week high on Jan. 16–a solid $1,216.50 per ounce–although it has obviously changed since then. As of 6:17 p.m. EST on Jan. 18, the precious metal had tapered off to $1,204.55 per ounce. That said, the gold price hasremained above the $1,200 an ounce mark since Jan. 16.
On Jan. 17, BullionVault reported gold’s eight-week highs came at the hands of a surging British pound following UK prime minister Theresa May suggesting that Britain “cannot possibly” remain with the European single market when Brexit removes it from the political European Union.
However, as the precious metal has cooled it doesn’t come without reason: a stronger US dollar on Wednesday pushed the yellow metal slightly, “dulling investment demand for the dollar-pegged precious metal,” MarketWatch noted. The publication also pointed out that trading has been relatively quiet in anticipation of Donald Trump’s inauguration as president on Friday (Jan. 20).
The range in the above article varies from $1025 to $1375 for gold which doesn't tell us very much..
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