In the words of famous Isaac Newton, “What goes up, must come down”. This saying played out in the gold price this week as we saw it took a slight dip from its 2-week continual rise.
Last week, the gold price hit a weekly high of 1361.1 USD/oz., but ended the week at 1335.45 USD/oz. Since then gold has only been struggling to climb back up, as it rose to 1346.62 USD/oz. on Wednesday, but fell back down to 1338.72 USD/oz. the next day. The gold price today is 1336.07 USD/oz.
This shows us that everything that rises quickly, will fall as quickly, but the gold price falls haven’t been as significant as its rises. Gold started the year off averaging in the low 1,000’s USD/oz. but now averages in the 1,300’s USD/oz. It has surpassed many analysts’ predictions and will continue to do so in the years to come.
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Do you think the gold price will drop any lower next week? Let us know in the comment section below!