2017 has been a unique year for gold prices so far. Gold has managed to surprise most market analysts by surpassing what was believed to be the upper threshold for prices in the first two months of the year. As recently as the end of December, predictions about the market seemed to indicate that the price wouldn’t be sustainable above $1,200 per Troy ounce. However, gold prices have regularly surged above $1,200 in January and February, even when the dollar was improving.
After an impressive week last week, gold prices are finally reacting to a stronger dollar. Early on Monday, Feb. 13, 2017, gold was trading at $1,234 an ounce. There are international trends that may indicate another bearish period is ahead for gold prices.
A Stronger Dollar Typically Weakens the Gold Market
The dollar made gains against the Chinese yen over the weekend and early trading Monday. This resulted in slowed investment in the precious metal on overseas markets, such as the Dubai market. Those losses could well be offset by the continued pressure of international economic uncertainty, which often drives gold prices up. Some experts who watch the market believe that while gold may temporarily adjust down, it will trend upward overall throughout 2017.
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Some analysts are looking at the current trends and predicting massive gains for gold over the upcoming year. Some even go so far as to suggest the price won’t just increase, it will double or even quintuple its current price per ounce. While such radical gains are unlikely, the last few weeks have shown that gold has the ability to surprise even the most experienced of market analysts and investors. Whatever gold does in a broader sense, chances are that it will continue to fluctuate, ensuring there’s potential for short-term profits.
Invest in Gold via an Online Forex Platform
If you would like to capitalize on fluctuations in gold prices, an online Forex trading platform is the simplest way to do so. You can leverage your capital to control the buying and selling of more gold futures than you’d think. If you carefully watch the markets and make wise choices about when to buy and when to sell, you could very well profit off the changing price for gold. There’s never been a more exciting time to consider investing in gold futures!
