The gold price started last week performing better than the previous week at 1217.71 USD/oz, but this was short lived as the gold price started to fall the following days. By Wednesday the gold price closed at 1200.19 USD/oz, and by Thursday hit below 1200 USD/oz as it ended the day at 1188.12 USD/oz.

This week we saw a speedy recovery as went over 1200 USD/oz by Tuesday. Yesterday the markets closed at 1215.31 USD/oz and the gold price today is 1219.08 USD/oz.

The Cause

Many believe that the cause of the gold price falling this week is an effect of the drastic rise we saw last week. As the gold price begins to stabilize, many analysts believe the following months will show a rise in the price of gold and might surpass 1300 USD/oz.

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Sources: usagold.com

Image Source: marketwatch.com