After ending the week at 1250.91 USD/oz last week, it seemed like the gold price was still struggling. But this week, gold hit above 1260 USD/oz by Wednesday, and hit a weekly high of 1268.84 USD/oz the next day. The gold price today is 1268.1 USD/oz.

The Cause

Many believe that the political uncertainty is the reason for this week rise. Until the future of monetary policy is decided, the price of gold will continue to fluctuate and many are predicting another hike in December. Right now, it seems that Hilary Clinton is in the lead which may cause a rise in interest rates, but it is still anyone’s game. 

Canadian Bullion Services is an international precious metals dealer headquartered in Toronto that is ranked among the top precious metal dealers in Toronto. Visit our main site for more information, and keep up with us on Twitter and Facebook. Don’t forget to check back next Friday for your weekly recap.

Do you think the price of gold will reach above 1300 USD/oz before the year ends? Let us know in the comment section below!

Sources: usagold.com, theweek.co.uk

Image Source:commondreams.org