Price of gold sees major November decline
- Published: Nov 30, 2016, 7 AM
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 record highs.
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.
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