After the investors went for buying with the beginning of the New Year, gold prices began to decline after briefly reaching the price of $1,300 an ounce. This is the highest price in 6 months, with February Comex gold futures trading slightly over the $1,300 barrier.<\/p>\n
However, profit taking and the strong US jobs report had a big impact on the drop in gold prices on Friday. Therefore, Friday’s trading sessions ended with gold futures trading at $1,285 an ounce, down 0.68% on the day.<\/p>\n
Throughout the week and with the start of the new year, the price of gold rose to $1,300 per ounce. However, data that showed the strength of the US economy, especially the nonfarm payrolls report, led to some price volatility. Gold is considered a safe haven during fluctuations and periods of economic tension.<\/p>\n
The US economy at the beginning of 2019 appears to be very close to full employment. US economic data showed that 312,000 jobs were created last December, exceeding market expectations of 176,000 jobs. However, the unemployment rate rose slightly by 3.8%, while the average hourly earnings rose by 0.4% or 11 cents per hour.<\/p>\n
The decline in gold prices at the end of Friday\u2019s trading session was largely expected and many analysts believe that this decline will be temporary. According to experts, the precious metal will very soon attempt another crossing of the crucial $1,300 resistance level.<\/p>\n
The precious metal is still receiving a lot of support signals, especially as many geopolitical factors are emerging, which will always make gold a safe haven for investors, leading to an automatic rise in prices. The biggest proof to this was what happened in mid-December, as uncertainty in the financial markets, especially in the stock markets pushed gold prices.<\/p>\n
In addition to the trade tensions between the two largest economies of the world, the United States and China, let\u2019s not forget the geopolitical tension that has become almost constant in the Euro area due to the Brexit. All these factors determined investors to buy gold in order to maintain the strength of their portfolios.<\/p>\n
Volatility in stocks, concerns around Brexit and the policies in the United States, together with the global slowdown have helped improve the performance of gold over the past three weeks. If we look at the inflationary market trends next year as interest rates continue to rise, gold may soon close over $1,300 should some pessimistic economic data emerge in the US and the eurozone.<\/p>\n","protected":false},"excerpt":{"rendered":"
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