After a strong 2.3% gain for the gold price last week, investors shifted back into selling mode on Monday and Tuesday. However, gold prices are still on track to end this week on a high note. Right now, they’re set for a weekly gain of 0.6%.
The price of gold’s rally last week mostly came on the back of a heated exchange between President Trump and North Korean leader Kim Jong Un. After Trump said on Aug. 8 that North Korea would be met with ‘fire and fury’ if it kept threatening the United States, North Korea threatened to launch missiles at Guam.
But as this new trading week began, the news faded and those tensions abated after Kim Jong Un rescinded the threat. This dragged gold 1.1% lower over the first two days of the week.
The minutes from the July FOMC meeting were released Wednesday and hung in the foreground as gold prices got a bump up to $1,284. This mostly came from sharp division among Fed members.
This post was published at Wall Street Examiner on August 18, 2017.
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