Gold Price: Commodities Trading Forecast for September 30
Last week the price of gold fell steadily from a high on Tuesday of 1,277.70 to a low on Thursday of 1,209.20. However the price then recovered a bit and closed on Friday at 1,218.80. This week it opened trading up at 1,223.50 but quickly dropped back down below the 1,220 level.
The price rose after market stability was hit by the pro-democracy protests in Hong Kong. Gold has always been seen as a safe haven investment during times of political instability. However, the strong dollar has been driving the price down in recent weeks and the price is likely to be kept down while the dollar remains strong.
At present investors are weary ahead of Friday’s US nonfarm payrolls report after last month’s report fell short of expectations. This may cause the price to rise in the coming week, but it will almost certainly be held back by the dollar’s strength.