Gold Price Sees Modest Increase in October

After swings in the gold price in September, October’s prices remained fairly consistent. The gold price began with a seven-week low, at £956.05 for a troy ounce, and finished on the 30^th of October at £964.55.

Prices across the month rose by 0.89 per cent, but peaked on the 12^th October at £985.80.

Iran & North Korea

Prices rose rapidly in the first week of October, as tensions in Iran & North Korea increased and investors made their traditional turn towards gold in times of uncertainty. This trend continued until the 9^th October, when prices reached £980.86, before dipping on the 11^th.

The price rose once again to its October height of £985.80 on the 12^th October, ahead of US inflation rate revelations.

Strong dollar weakens gold price

Fluctuations continued over the next week, peaking again on the 16^th October at £984.31 and the 19^th at £980.99.

The gold price then declined gradually over the rest of the month and hit a notable low of £965.19 on the 23^rd October, following the re-election of Japanese Prime Minister Shinzo Abe, which strengthened the dollar.

This decline continued throughout the rest of the month to £964.55 on the 30^th October, with a brief peak of £971.38 on the 28^th, thought by analysts to be related to the political situation in Spain.

Weak economic forecasts

Amid the slight rise in the gold price, the UK economy is responding to weak economic data in growth and productivity. In addition to this, the price of Sterling decreased against the dollar by 1.59 per cent during October.

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