After Labour Day, we saw the gold price recover from a two-week low as the gold price sky rocketed to 1349.79 USD/oz. This was a high we haven’t seen since the third week of August. Many believe the cause for this hike was the demand growth caused by the low prices, but this was short lived as the gold prices start to fall again this week. The gold price started the week at 1327.52 USD/oz, and ended yesterday at only 1314.69 USD/oz. The gold price today is only 1309 USD/oz.
Anything that rises quickly, will fall just as fast, but the gold price still manages to stay in the 1300’s USD/oz. Many believe that this fall is temporary, and the gold price will recover quickly from this hit. Economic turmoil has rock the trust of the public, which are causing the people to turn to gold and silver as security blanket. This will cause drastic rises as they are more gold and silver buyers watching the markets.
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Do you think that the gold price can recover from this week's hit? Let us know in the comment section below!