Gold along with Silver and Platinum are trading multiyear lows while we are writing this article. And we always see this as an opportunity for our customers to come by our stores and buy what they have either been planning or have desired to have.
Gold hit its lowest level since February 2010, after a low of $1088 an ounce yellow metal recovered a bit and was trading at $1105 an ounce.
Platinum was even worst hit and sunk below $1000, its lowest in the last six years. Reason sited for this is a perception that supply was increasing while demand was low. At day’s end it was traded at $980.
Silver was trading at $14.83 which is the lowest price for silver in the last six years. Silver seems to have been affected in general by the weakness of precious metal and commodities.
We are looking forward to seeing you at our store. We have a huge selection of bridal rings, engagement rings, earrings, pendants etc.
The price of gold is likely to fall for a 2nd year in a row, the first time since 1998. At the beginning of 2014 Gold was around $1,201 an ounce; and it will be trading below that mark by the end of the year. At the time of the publishing of this article gold will be trading around $1185 an ounce, which is lower than where it started.
The good sign is the U.S economy is strengthening and analysts are seeing this as the reason for the fall in gold price. At one point in 2014 gold was near $1400 an ounce, but the price fluctuated often so we refer to it as a Roller Coaster.
It wasn’t a terrible year for gold when we compare it to 2013 when we saw around a 28% decline in price. The decline was sharp, sudden and the first since beginning its bull run in 2000.
Predictions for next year are coming in mixed. Most of them saying it will stay flat or have modest gain. Some even say that gold will dramatically fall, possibly even lower than $1000 an ounce. We will wait and watch and keep you all updated.