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The price of gold fell to a new low during the first week of July according to several reports that claim the decrease in value is due to a strong job market and the expectations of higher interest rates in the United States.
August gold fell by $13.60, which is the equivalent of a 1.1 percent decrease in value. Such rate is the lowest since March when prices dropped by 2.6 percent. Silver also experienced its share of decline with initial values falling by as much as 10 percent on Friday (July 7). There was eventually a reversal in the numbers that increased September silver’s value from its original price fall. The commodity still lost 55.8 cents of its worth to bring a 3.5 percent reduction in prices for silver.
The U.S Federal Reserve and European Central Bank
The U.S. Federal Reserve has expressed desires to normalize its policies and pursue gradual interest rate increases. The European Central Bank, on the other hand, is making steps towards closing in on its efforts to stimulate the United Kingdom’s economy after several years of purchasing bonds aggressively. Such shift in agendas on behalf of the U.S. Federal Reserve and European Central Bank has caused global bond yields to rise exponentially. Such increase has taken its toll on gold prices in a negative manner.
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