The price of gold rose substantially to $2,444.5 USD/ounce on August 12 evening, up around $20 USD/ounce from the previous weekend. As a result, the world gold price has risen to 54.5 USD/ounce from the August 7 low of 2,390 USD/ounce.
World gold prices fell sharply last week due to significant swings in the world financial market.
Many analysts anticipate an increase in world gold prices this week due to the swings in the price of the metal last week.
Sixty-two percent, or 130 out of 210 investors who took part in Kitco’s online survey, expected gold prices to grow. In the meanwhile, just forty-five percent predict a decline in gold prices.
Experts predict that this week’s noteworthy development will be the US consumer price index (CPI), which is probably going to remain relatively stable when compared to the same time last year. Middle East tensions will also help to strengthen gold prices at the same time.
An upward trend in gold prices has begun as a result of the global gold price closing last week over 2,431 USD/ounce. Global gold prices, however, are not expected to rise “all at once”; rather, they will rise and fall periodically.
