2016 Gold Prices (Yearly Recap)
It was eventful year for gold and silver, as we saw drastic falls and rises caused by Brexit, Chinese market’s week off, and the U.S. elections. In the last months of 2015, we saw the gold price hit a steady decline ending the year at 1060.80 USD/oz, and started 2016 at 1074.49 USD/oz. Many did not have high hopes for the gold price in 2016, but was proven wrong as the gold price took a drastic increase on January 11, 2016 hitting above 1100 USD/oz. A month later, the gold price hit above 1200 USD/oz, and reached above 1300 USD/oz by June.
A major Brexit in 2016 caused chaos and turmoil in the global markets, which grew the demand of gold as many turn to the yellow metal and its sister metal as a safe-haven. This allowed gold to compete well against the American dollar, and many gold analysts believed gold would soar above 1400 USD/oz by the end of the year. They were proven wrong as the Chinese markets being closed in October caused the gold price to fall below 1300 USD/oz. The gold price struggled to reach back to where it was, but again, high hopes were in the air as the U.S. elections were right around the corner. Many predicted a win for Donald Trump, would cause a drastic increase of demand for gold, but that has not been the case as the gold price fell below 1200 USD/oz before the year end, and ended the year at 1150.90 USD/oz.
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