Gold prices opened at $1,293.74 on Monday, and buying resulted in a close for the day of $1,308.62. However the week’s high of $1,313.08 was reached in afterhours trading. Selling took the price of gold to $1,300.97 by Tuesday morning and to $1,294.55 by the close. This trend continued into the Wednesday opening quote of $1,283.77. Some bargain hunters showed interest during the day, but gold prices moved in a narrow range before closing virtually unchanged at $1,283.49. More buyers came in after the close, and the Thursday open was up slightly with the price of gold at $1,284.22. Friday’s trading opened on the same note at $1,283.71, but some selling and profit taking closed out the month and quarter with gold prices at $1,279.95.
Gold has done very well in 2017, regularly outperforming the S&P average. While the dip below $1,300 has served as an opportunity to pick up bargains, many analysts see the price continuing to gain support through the remainder of the year. In fact, the open-ended situation with North Korea and the U.S. tax cut discussions, along with Brexit challenges and ongoing concerns over the U.S. economy, have many expecting an uptick in safe haven buying. 1
With no major news expected on the political or economic fronts in the coming week, the markets are expected to continue with light volume until a strong trend emerges.
What will be the trend for gold prices for the remainder of the year? Read expert insights in our free report, Gold’s Going Down?