The price of gold went up in the United States this week after the Federal Reserve removed the word “patience” from its statement of policy released March 18, 2015. This action prompted strong expectations among investors for an upcoming rise in U.S. interest rates.

By dropping the word “patient,” the Fed seems to be indicating, without actually saying it, that zero interest rates will soon be a thing of the past. The effect on gold prices was immediate upon this action on the policy statement. Spot gold went up to $1,172.30 an ounce (a 2.1 percent rise). This is well above its lowest price since November 7, 2014, when it was $1,142.86 an ounce.

Gold futures also went up in the wake of the Fed’s action. They experienced a 0.3 increase to $1,151.30 an ounce.

In spite of this, the view of gold for the long-term is currently bearish. This is because the global economy is improving, which reduces financial risks across the board, giving investors fewer reasons to buy gold to protect their money.

Though the price of gold rose in the United States on the removal of the word “patient” from the Fed’s policy statement, its price has actually dropped three percent worldwide since the beginning of the year. This drop has been due to the expected rise in U.S. interest rates. This is a move to be expected with international investors who are looking at other investments as preferable to gold in the wake of a stronger worldwide economy.

For example, the SPDR Gold Trust, which is the largest gold-backed exchange-traded fund in the world, experienced a 0.4% drop in holdings since the beginning of the year. This further shows the leanings of international investors in the wake of the expected U.S. interest rate rise and stronger worldwide economy.

According to a report on the Bloomberg Business website, Goldman Sachs has reported that it expects the price of gold to fall to $1,100 in the next year, based on the expected interest rate rise and current market conditions. However, the same report indicates that the organization foresees gold prices to experience some volatility in the interim, going up and down again, until finally settling at the projected low.

Nonetheless, the current lower gold prices give investors an excellent opportunity to put their money in gold for a reasonable price. This is good news for those who have been looking to get into gold investing, but were put off by higher prices.