GIG-OS ENGLISH: Gold hit a 5-week record

Gold hit a 5-week record

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This Thursday, gold prices hit a 5-week record. What has brought about this increase? How long will gold prices keep climbing?

Learn it from the article!

On August 21, the yellow metal set a record for the last 5 weeks. Gold prices reached the level of $1,152.22 per ounce.

The main event which forced this growth was the publication of the data concerning the interest rate hike by the Fed. The published data reported the delay of this anticipated increase as, despite the improvement of economic indices, the global economy remains too weak for now.

According to Matthew Turner from the Macquarie bank during the meeting the increase of the interest rates was the main point of discussion. He added that for gold, the concrete date for this hike is not too important.

Among the latest changes of gold prices there was the increase to $1,143.7 during Wednesday. However, by the end of the day the price was $1,133.90 per ounce. Thursday ended with $1,152.2 and Friday started breaking a record with $1,154.10 per ounce.

Judging by the overall tendency of gold prices, they continue to grow. Many experts, e.g. Chuck Jeannes, Goldcorp Inc. director, have stated that gold prices tend to grow currently.

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