The Continual Gold Price Rise (Gold Price Weekly Recap)
After recovering from a major fall in mid July, the price of gold seems to be on a continual rise. The gold price started the week strong at 1353USD/oz., and took a drastic leap to a weekly a high of 1363.54 USD/oz. by Tuesday. Since then, the gold price has ranged from the high 1350’s USD/oz. and low 1360’s USD/oz. This is a high gold price range we haven’t seen since the first week after the UK decided to leave the European Union. The gold price today is 1337.09 USD/oz.
What Caused the Major Leap?
This week we saw the Bank of England make major moves as it announced an interest rate cut and a fresh stimulus package. This has increased the demand of precious metals causing the gold price and silver price to rise. There is also a demand for gold in the jewelry industry as the jewelry demand increases for the festive season.
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 gold price will continue to range in the high 1350’s USD/oz. and low 1360’s USD/oz.? Let us know in the comment section below!
Sources: usagold.com, profit.ndtv.com
Image Sources: techparts.ca, wall.alphacoders.com
