Gold Back On The Rise After Weekend Slump
After falling to nearly meet the month’s lowest value last week, gold prices fell over the weekend in what caused a scare after the nearly $30 dip almost overnight that took place on the 14th. However, things soon righted and quickly set out on the road to recovery as markets opened.
The commodity reached a monthly high of $1,315.71 at the beginning of July and saw its lowest value appear on the 9th, when it fell to $1,305.76. Today it has made a steady recovery to hover around $1,310.99, though still down -4.67 (0.36%).
Compared to other precious metals, gold has exhibited excellent market strength and maintained its position as a key market indicator.
Recent events in the middle east and Ukraine have given gold an upward boost last week, but the changes were reversed as early as Friday.
Potential action against the Russian president also boosted the demand for gold as a safe haven investment.
The year’s Geopolitical instability has been a blessing for gold this year, helping to add nearly 10% growth in 7 short months.
Jeffrey Currie, Head of Goldman Sachs global commodities research division, went on record last week to repeat his forecast that the spot price of gold would fall dramatically to $1,050 by the end of the year.