GIG-OS ENGLISH: Gold price review (16.07-22.07)

Gold price review (16.07-22.07)

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The gold market is being a hive of activity lately.

What has happened to gold prices during the previous week? What has caused these changes?

Find it out!

The main factor which influenced gold prices on Thursday 16 July was the U.S. dollar. Given the growth of the North American currency, the gold market describes a downward trend. Also, the FED Chair Janet Yellen made a public statement about the possible increase of interest rates on the current year, which decreased investors' uncertainty concerning gold. The prices of the precious metal stopped at the level of $1,145.49 per ounce on that day.

On the next day, July 17, gold prices fell to the level of $1,134.53 per ounce influenced by the events of the previous day. A decrease of trade has considerably impacted gold prices in China, also, it was observed a decrease of reserves in ETFs.

During the weekend, on July 18 and 19, gold prices remaining unchanged with $1,134.43 per ounce before the beginning of the new working week. On Monday, July 20, gold prices continued to fall reaching $1,096.48 per ounce, subject to the growing trend of the U.S. dollar whose index raised to 98.1.

Also, new data about the Chinese gold reserve impacted gold prices. There haven't been news from China about their gold reserve for years, giving ground for different assumptions. While the vast majority of experts believed gold reserves would be doubled or even tripled, the final figure is 1658 tonnes of gold (comparing to 1054 in 2009, when they were last published). This high, though not as expected, figured, hasn't supported gold prices.

On July 21 the gold market grew owing to a slight decrease of the U.S. dollar, leaving gold prices at the level of $1,101.10 per ounce. However, on July 22 the fall continued despite the stability of the US currency, and the prices fell to $1,094.26 per ounce. Experts consider the fall is not stipulated by global changes in the market, thus, are temporary. One must understand that the gold market is changeable, and gold is an asset which yields benefits in the long-term.

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Read more articles and news about changes in the gold market on the official website: www.globalintergold.com

Find more facts about gold: 7 Reasons why to buy gold.