GIG-OS ENGLISH: August gold prices performance

August gold prices performance

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China and the U.S. have been playing tug of war with gold prices during August. Though the movements of this month have been decisive to define its future.

Which clues does August give us to best manage our gold? Read on!

The gold price graph of August has ended up as a mountain of hope. Prices have been on the rise since early August raising hopes for substantial returns among investors and buyers.

What have been the peaks and valleys of this golden summer mountain?

Moutain's valley

The price of this precious metal hit rock bottom at the beginning of the month for long enough to get a running start. Prices struggled below $1,100 facing the possible U.S. rate increase in September – the first in 9 years – and the release of positive economic data.

After the release of the solid but not-so-good-as-expected reports on U.S. economy, the concerns of the Federal Reserve about low inflation and the devaluation of the Chinese yuan, gold prices started to trade modestly higher. In the meanwhile, speculations remained speculations.

Climbing to the summit

In mid-August, particularly on August 14th, the growth started to be noticeable since gold prices reached a maximum of $1,125.14 per ounce. This growth was brought about by speculation that the Fed could delay the interest-rate, which reason came from across the other side of the pond – exactly from the devaluation of the Chinese currency.

Mountain's peak

With both China's movement and the losses in global equity markets, which also supported the precious metal, on focus, towards the end of the month gold prices climbed to the top of the mountain hitting $1,163.09 per ounce on August 21st.

From 26 to 31 August, gold prices stabilized around $1,134 per ounce. Now September will tell if gold prices will remain under the pressure of investors' guesstimates regarding the interest rate issue.

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