Gold Price Still Below 1300 USD/oz (Gold Price Weekly Recap)
Last week we saw the gold price take a drastic fall as it fell from 1311.30 to 1253.88 USD/oz within three days. Since then, gold hasn’t been able to reach the 1300’s as it only reached a high of 1257.11 USD/oz as of yesterday. The gold price today is 1252.25 USD/oz.
The Cause
This is still the effects of the Chinese markets being closed last week. According to Goldseek.com, the People’s Bank of China wants the Yuan lowered which encourages a ‘controlled’ devaluation over time. This is will help the Chinese government have a greater number of Yuan in the international government, which will help it to become a global reserve currency. This will allow the Yuan to eventually challenge the dollar.
Canadian Bullion Services is an international precious metals dealer headquartered in Toronto that is ranked among the top precious metal dealers in Toronto. Visit our main site for more information, and keep up with us on Twitter and Facebook. Don’t forget to check back next Friday for your weekly recap.
Do you think the price of gold will reach above 1300 USD/oz before the year ends? Let us know in the comment section below!
Sources: usagold.com, news.goldseek.com
Image Source: kingworldnews.com
