Days before the U.S election, we saw the gold price recover from October’s fall as we saw the gold price edge above 1300 USD/oz, but shortly after the elections we saw the gold price start decline and hit a weekly low of 1226.78 USD/oz the following Friday. Many analysers still believed that Donald Trump’s victory will cause an increase in gold prices and would even cause the gold price to hit above 1400 USD/oz before the year ends, but the gold price is still on a steady decline.
The week started off lower than last week’s low with a gold price of 1220.83 USD/oz, but took a drastic leap to 1228.27 USD/oz the following day. This gave hope that the gold price will start to climb back up, but it fell to 1224.77 USD/oz on Wednesday, and by Thursday only closed at 1215.95 USD/oz. The gold price today is only 1208.91 USD/oz. These are numbers we haven’t seen since May.
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Do you think the gold price will ever recover from this steady decline before the year ends? Let us know in the comment section below!
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