After several drops in gold rate in the past few days, today gold was finally able to jump over $1100. Gold price increased $25 to reach approximately $1106 per ounce.
Last week, gold price closed around $1080/ounce.
Usually when gold rate go up, we see US Dollar weakened against major currencies: but at the moment, $ is looking quite strong as investors are avoiding taking any risks by investing money in precious metals.
Strong $ is the reason why gold rate may hover around the $1100 per ounce mark for some time.
The first trading day for gold was quite positive and gold rate increased significantly: let us see what will happen in the upcoming days of this week.
