It’s been an interesting week for market contributors who trade or invest gold. The gold prices traded to a lower low and higher high than the last week, while the overall change was just a fractional loss of around one dollar.
The week begun with the high gold price, $1300 but as the week proceed the prices kept on decreasing and faced the lowest price on Wednesday, $1274. By the end, it had traded back to $1284. It recovered back to $1280 by the end.
According to a report of MarketWatch, Colin Cieszynski, CMC Market’s chief market strategist, said “I think the big rally last week off $1,200 priced in a lot of the current political uncertainties. There hasn’t been anything new other than the attack in France to change the political outlook over the last 48 hours and even then, the election result is a toss-up.”
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Bullion Mart. The author has made every effort to ensure the accuracy of information provided; however, neither Bullion Mart nor the author can guarantee such accuracy. This article is strictly for informational purposes only.