Advertiser Disclosure

Everything To Know About Gold Rates

Everything To Know About Gold Rates Commoditytrading

In August of 2011, gold prices soared and reached its crescendo at a cool $1,900 an ounce, an all-time high in the daily gold price. Experts were not too concerned at that point in the sudden all-time record of increase in gold prices, but they freaked out at the rapid speed at which the prices were hitting them. The year started with the price of gold being just $1,400 per ounce.

On August 22nd during the after- hours of electronic trading, the price of gold touched $1,900. It then went up to its all-time high of $1,917.90 per ounce on August 23 of 2011 before it dropped to $1,880. The very same thing happened to the price of silver earlier that year when it kept going up thereby sucking everyone in before it suddenly dropped. The gold rush was definitely on. Gold has always been seen as a good hedge against inflation, but this drastic increase in the daily gold price has by far outpaced inflation at an alarming rate, which was a matter of great concern. During a span of over 10 years inflation had picked up a mere 2.4% on an annual basis, whereas the yellow metal took the world by storm with an increase of about 21% a year for the same period. Analysts say that this sudden soar in the daily gold price can be related to the debts faced by the US and Europe.

The other time when gold prices reached its peak was in the year 2016, on the 12th of February. The price of gold went up to 44 times the price of oil. The downward price movement of oil was highly significant with the price of a barrel of oil dropping down quite low, which was really an unprecedented collapse. According to experts, the gold price spikes up during the Chinese New Year, which according to them is another trend of gold to bear in mind.

369 VIEWS

top rated cards

Citi® Double Cash Card – 18 month BT offer

cards
  • Purchases Intro APR
    15.24%
  • Regular APR
    15.24% - 25.24%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi ThankYou® Preferred Card

cards
  • Purchases Intro APR
    15.24%
  • Regular APR
    15.24% - 25.24%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi Simplicity® Card - No Late Fees Ever

cards
  • Purchases Intro APR
    15.74%
  • Regular APR
    15.74% - 25.74%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0

Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer

cards
  • Purchases Intro APR
    14.74%
  • Regular APR
    14.74% - 24.74%
  • Balance Transfer Int APR
    0%
  • Annual Fee
    $0
Finance

Top 3 Best Rates For Online Payday Loans

Payday loans are convenient short-term loans that can be taken to cover sudden or unexpected expenses between paychecks. Payday loans are now ubiquitous online and it is easily available for people through various online providers. Generally, payday ...
342 VIEWS
Equity Loans

Guide To Home Affordable ReFinance Program

Refinancing is a good option when you feel that the loan you have taken is becoming a big burden on your head. But the factor that is being a burden is the interest rate of the home finance. But you could certainly opt for a lower rate of interest by...
919 VIEWS
Business Loans

Steps To Follow Before Applying For A Business Loan

Any business is in the constant need of funds to either regulate the business process during a time of crisis or to expand a business to suit inbound opportunities. In order to ensure that a loan is available for your business in a time of need and t...
722 VIEWS