What were the peaks and valleys of gold prices during the last week? Learn about the US Federal Reserve meeting influence on gold!
What will the most profitable moment to sell gold bars? Find it out!
On September 15 gold prices reached a one-week minimum $1,103.17 per ounce as the imminent meeting of the US Fed and the strengthening of the dollar moved investors away from this precious metal. During this month, the lowest level was recorded on September 11 $1,102.17 per ounce, caused by the US falling stock market.
On 16, the uncertainty of the Fed meeting results drove the price of dollar higher and reduced the trading activity, though gold prices increased to $1,119.89 per ounce. On September 17 gold prices lowered just one day before the announcement of the reunion results.
For months, experts and market participants have made different predictions on whether the Fed will rise the interest rates – first at the June meeting and now. The strengthening of the economy would bring about this rise, and therefore lower gold prices in the market.
Nonetheless on September 18 the Fed declared that they would not increase interest rates due to the current instability of the global economy. These declarations gave a boost to gold prices which grew to $1,139.07 per ounce – the highest price of the week.
During the weekend, on September 19 – 20, gold prices remained unchanged, and decreased only on Monday 21, to $1,132.44 per ounce because of a slight strengthening of the US dollar.
Read the news about the gold prices and keep track of the events in the gold market!
