Monday saw gold prices open at $1,347.20 before rising to $1,348.90 around midday. The first trading day of the week closed at $1,345.60. On Tuesday, the price of gold experienced a slight dip to $1,344.30 at opening, pulling back further later in the day to $1,338.00 before recovering and finishing at $1,343.70. On Wednesday, gold prices opened at $1,344.10. The yellow metal closed the day at $1,350.90, reported the gold price chart. Thursday, gold opened at $1,351.70 before reaching its week peak price of $1,353.10 around 3:00 pm ET. It closed the day at $1,342.10. Friday saw gold opening at $1,342.60. The day’s end offered a great buying opportunity with gold prices at $1,334.70 before they closed at $1,335.20.
Analysts linked Monday’s increase in gold prices to a weak dollar. However, the day also brought the news that Kalamazoo Resources planned to buy three gold projects in Pilbara, Western Australia. This could increase gold inventories. On Tuesday, analysts said that gold prices were continuing to gain throughout the day based on lingering worries over U.S. sanctions against Russia.
Prices broke the resistance level of $1,350 late in the week due to increasing safe haven demand. Thursday saw gold production resume at a pair or Randgold mines in Mali. Production had been halted due to an overnight strike Wednesday to Thursday. Analysts with Reuters predict that the metal may reach $1,370 or higher as demand increases throughout the year. If they are correct, this means that now is the time to buy gold before prices jump again!