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.
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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!
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