The gold price took a drastic decline this week as it averages below 1300’s USD/oz. This a low we haven’t seen since the second week of June, and a drastic decline we haven’t seen in over three years. The gold price has done relatively well for the past three months averaging above 1300’s USD/oz, but this week the gold price has only managed to average above the mid 1200’s USD/oz. The gold price started the week off with a weekly high of 1311.30 USD/oz, but by Thursday fell to 1253.88 USD/oz. This is a decline of more than 3% in less than a week. The gold price today is 1254.3 USD/oz.

The Cause

Once again, the American surges due to talks of an increase in US interest rates causing gold to have a drastic drop in prices. Many analysts also believe the drastic demands for precious metals is starting to die down, which can cause the price of gold to continue to fall in the following weeks.

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