February’s gold price saw modest improvements, but was most notable for its lack of volatility over the four-week period. Over the course of the month, the gold price rose from £944.44 to £954.01, an overall increase of 1.01 per cent over the 28-day period.
Once again the month demonstrated that the gold market remains firm and stable against a wide range of factors that could otherwise depress it. Here’s a roundup of what happened to the gold price in February.
A strong start to the month
Prices rose in the first days of February, from an opening of £944.44 to £959.67 on the 6th. The month began by continuing January’s trend of subdued gold prices, as the ongoing speculation of a rise in US Federal Reserve interest rates weighed on the precious metal’s performance.
The rise over the opening week of the month came against early instability in the global equities market.
Early dip in February gold price
The lowest gold price of February was recorded on the 8th. In the space of two days, the precious metal fell from a height of £959.67 to £937.00, as faith in the dollar and the US economy firmed. This came as the dollar made its biggest one day rise against other currencies in six months.
Rebound against renewed dollar uncertainty
Faith in the American economy was once again knocked as sales data indicated that economic performance in the retail sector was less impressive than expected. The price of gold lifted accordingly, and the market hit its highest point against Sterling on the 14th, at £964.64.
Stable end to February
From the 14th, gold took a downward trend over the remainder of February, but remained above the month’s opening price. After a brief dip to £949.48 on the 23rd, it rose slightly and closed on the penultimate day of February, at £954.01. The opening price on the 28th was £951.14, remaining strong against a softening dollar and continuing fears of a rise in Federal rates.
A good time to buy gold coins and gold bars?
Keep updated on the ongoing gold market developments right here on our blog. Alternatively, if you want to take advantage of the steady prices and strong outlook for gold, view our range of gold bars and gold coins right here.
