Gold News: Gold Hits 10-Month Low
Gold News
In the latest gold news: As of December 12, 2016 at 8:17AM EST, gold was trading at $1154.71 down from approximately this time last week, when gold was trading at $1168.63 per ounce. About a month ago, gold was selling higher at $1302.80 per ounce, the high point just before the US Presidential Elections. There has been a declining trend in gold prices since Donald Trump was elected president of the United States.
Gold has officially hit its 10-month low and its largely due to the anticipation of the Fed raising interest rates this week. The Fed is set to meet on Tuesday and Wednesday. Investors previously thought that the interest rate hikes would arrive as soon as December, but now they don’t expect to see the hikes implemented until 2017.
Axis Bank is the top gold importer in India. After it was discovered that two of its executives had allegedly engaged in money laundering, Axis Bank decided to crack down and it has suspended the accounts of some of its bullion dealers and jewelers. This is likely to impact already low gold-prices because imports into India, a major gold consumer, will decrease.
While investors worldwide have been taking jumps backward from gold since the election of Donald Trump last month, some Chinese retail buyers are taking advantage of the low gold prices and investing in the precious metal. A large increase in Chinese buying will help bolster gold as Chinese gold consumption makes up 30% of global gold demand.
In a forecast dated November 9th, I Know First’s algorithm showed 100% accuracy with regards to its gold predictions in the month long gold and oil prediction as seen in “Gold Outlook Based on Data Mining: Returns up to 9.24% in 1 Month.” After 30 days, I Know First’s average percent change came out to an impressive 8.90%.
