After two weeks of constant increase, last week gold price entered into a phase of correction and stabilization, but nevertheless managed to maintain more than half of the profit generated in the previous period. It means that on Friday on the New York Stock Exchange gold traded in the price range of 1123.10 to 1141.80 dollars per ounce. On the last trading day average price of gold rose by almost a percentage point, that is why analysts mean that this growth will continue in the coming week.
They are focusing the arguments for this attitude on the stock exchange crisis whose epicenter was in China, and that, according to experts, has not yet subsided. Since the gold react inversely to the movement of stock indexes, and that the demand for precious metals is growing especially in times of crisis and uncertainty, any sign of instability in the stock markets will mean the ascension of the curve in the gold price chart. In addition, the currency war that began devaluing the Chinese yuan is still not finished, so it is not unrealistic to expect a new decline of the dollar, which could have a positive repercussion on the gold price.
The gold price continued its growth during this summer, and the experts point out that the reason for this increase is the publication of the record of the meeting of the leadership of the US Federal Reserve. Since the record did not contain any "surprises", the financial sector concluded that raising interest rates will not be implemented before the fall. Therefore, gold has increased its value and daily prices ranged between 1173.70 and 1190.30 dollars per ounce. The conclusion of the meeting of the leadership of the US Federal Reserve reveals how the economic growth of the United States increases, but it’s not specified any concrete information about the period of raising interest rates. Additional incentive to the precious metals markets has been given with the situation in Europe, where it recorded lower stock indices, because of the fear of the market that is focused on the Greek crisis and the inability of the government to set an agreement with creditors about the options that would enable Greece to avoid bankruptcy and keep status of a member of EU.