The price of gold has continued its November slide during the first half of
December, though it is getting a boost on Dec. 14 related to a
much-anticipated announcement from Federal Reserve Chairman Janet Yellen.
Kitco, the price of one ounce of gold stood at $1,163.10 at 12:13
p.m. ET on Dec. 14. That's about $200 less per ounce than gold's high
point this year.
Kitco data shows that the price closed at $1,156.10 on Dec. 12,
which was the lowest closing price for gold since Feb. 5, when it
closed at $1,150.35.
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It wasn’t always this way for gold in 2016.
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.
topped $1,300 in the immediate aftermath of the unexpected Nov.
8 election of President-elect Donald Trump, but quickly returned to
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The price of gold began November at $1,288.45, and it has since
fallen 9.7 percent.
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 topped 19,000 to record highs in recent weeks,
and is currently surging toward the 20,000 level.
Why is the price of gold on the rise this week?
Some expect Yellen, the Fed chairman, to announce on the afternoon
of Dec. 14 the first interest rate hike of 2016.
So increased gold buying Dec. 12–14 is likely being done by
investors who are hedging against dips in the financial markets due to
negative reactions to the rate hike.