Those who track gold prices have been watching a relatively volatile market for the last few weeks. Prices recently flirted with $1,300 an ounce, only to come tumbling back down to near the $1,200 an ounce price point. As of early trading on July 25, 2017, domestic gold prices were just below $1,253 per Troy ounce.
For those who invested in gold at its recent low, this price increase could result in substantial profit, depending on how much gold they trade. For those who engage in short-term or mid-term gold trading, these kinds of dramatic changes can be financially beneficial.
Many factors, both domestic and international, impact the price of gold. Continued worries about international political tensions, as well as mediocre domestic economic reports have helped gold regain lost ground in recent days. When financial futures seem uncertain or political instability looms its head, investors tend to flock to gold, which is seen by many as a safe haven when other investors don’t promise to be very lucrative.
Pending Federal Reserve Meeting Slows Gold Growth
Gold prices seem to be hovering around this mark, in part because of an upcoming Federal Reserve meeting. At this meeting, the prime rate and other critical economic policies will be discussed. While the Federal Reserve had indicated that it intended to raise the rate at least once more in 2017, weaker than expected economic reports may have stalled that plan. Some recent reports, like the United States Manufacturing Purchasing Managers Index (PMI) show signs of potential growth, which could push the Federal Reserve to take moves to prevent or slow inflation.
Analysts seem to believe that gold prices will hold steady in the current range, as a drop below $1,200 without substantial outside pressure seems unlikely.
Still, many would-be gold investors are nervous, following the recent consolidation of gold prices. The truth is that savvy investors could potentially profit handsomely from these dramatic price changes for gold futures.
Trade Gold Online Via a Forex Platform to Profit from Price Changes
For those with an eye for patterns who pay keen attention to international news, there is the potential to profit off of fluctuations in the price of gold on any given day and throughout a week’s trading cycle. If you haven’t yet tried trading gold online, now is a great time to see if it’s a good fit.
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