Weekly Market Report

Although gold has fallen below key resistance, one market analyst said that he sees some underlying strength in the marketplace as the metal holds above important support levels . . . .

“We believe that precious metals remain a relevant asset class in modern portfolios, despite their lack of yield,” said Goldman Sachs in a recent report on the dilemma of what investors should do about falling gold price . . . .

Last week was a great week for Gold investors. Gold rose $10 last Monday on excellent trading volume and never looked back . . . .

In the past month the value of the U.S. Dollar, interest rates, and the stock market have all moved higher . . . .

Last week, precious metal prices were negatively affected by the lobbying of Congress and the President for the first tax reform legislation in the past 31 years . . . .

Last week Gold traded between $1,316 and $1,340 per ounce, as it continued to build a base after recent gains, taking it above the important $1,300 level . . . .

September has started with gold continuing to set new 1-year highs . . . .

The price of gold rose to a one-year peak on Thursday after the dollar tumbled on the back of weak U.S. jobs data and an unchanged growth and inflation outlook from the European Central Bank . . . .

August was a super month for Gold investors with Gold rallying $49 per ounce during the month. The rally continued on Friday . . . . 

Despite significant US dollar weakness, gold price performance has been muted recently. It has been held back by factors such as a rebound in real interest rates and increased stability in the Chinese yuan, which has dampened near-term investment demand for gold in China . . . .