The price of gold has been falling in recent weeks as economic news
has been generally positive and the U.S. stock market has closed at
According to Kitco.com, the price of one ounce
of gold stood at $1,176.20 as of 10:18 ET on Nov. 30. That’s lower
than any closing price since Feb. 5, when the price closed at
$1,150.35. The current price is remarkably reduced from the over-$1,300 prices that were seen earlier in the
month immediately following the unexpected Nov. 8 election of
President-elect Donald Trump, and lower even than the $1,278 price
that the markets settled on at the end of the economically wild Nov. 9.
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The price of gold began 2016 at $1,082.25. It was the outset of a
major first quarter for the precious metal, as Steve Roach wrote about on CoinWorld.com in April:
“Gold was second only to lean hogs in the [Wall Street
Journal’s] ranking of the winners and losers for the first quarter
of 2016. Hogs marked a gain of 35.2 percent with gold following at
16.5 percent. Next was the Dow Jones Utility Average gaining 15.7
percent, Brazil’s stock index rose 15.5 percent and silver moved up 12
percent. At the bottom was Italy’s stock index measuring a 15.4
percent loss, natural gas at a 16.2 percent loss, and rough rice
losing 18.1 percent.”
Gold stood at $1,237 per ounce to finish March. It would climb as
high as $1,366.25, on July 6, before gradually falling back below $1,300.
The price of gold began November at $1,288.45, and it has fallen 8.7
percent so far during the month.
As a safe-haven asset, the price of gold is likely reacting to
positive developments in the U.S. stock markets. The Dow Jones
Industrial Average has surged past 19,000 to record highs in recent weeks.