What's Going on with the Price of Gold
16 hours ago
- #gold-price
- #financial-markets
- #safe-haven
- Gold price touched a record high above $5,500 an ounce last week.
- Price plummeted more than 9% on Friday, its sharpest one-day drop since 1983.
- A slight recovery on Tuesday saw it rise more than 5%.
- Despite recent falls, gold price is still about 75% higher than last year.
- Recent falls triggered by US President Trump's nomination of Kevin Warsh as Fed head.
- Changes to trading requirements on a major exchange also contributed to the slump.
- Gold seen as a 'safe haven' investment during times of uncertainty.
- Central banks increasing purchases of bullion have pushed up gold prices.
- Investors in the west attracted to gold, putting money into funds that trade the metal.