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Gold Price Movements: What Happened in September?

Saturday, September 30, 2017

There was notable movement in the gold price through September, coinciding with various global events. On the 1st September, the gold price stood at £1,019.74 per troy ounce, before rising to a 12-month high around the 4th at £1,029.02. The price of gold then sank to a seven-week low at the end of the month.

The US dollar and the gold price

The initial rise over the first week of September was set against a falling rate of the dollar, following weaker than expected economic data reports. This proved short-lived, however, and prices began a downward trend from around the 8th of September.

Not long after, US economic outlooks began to improve after President Trump signed a bill giving around $15bn of emergency aid to those areas affected by Hurricane Harvey. As the dollar strengthened, gold prices stayed true to trend and dipped.

The price continued to dip over the coming week, falling to the lowest point of the month so far, at £956.15 on the 21st September, just after the US Federal Reserve announced it was on track to raise US interest rates later in the year.

Global events

From the 25th September, the price rose slightly, reaching £967.76 on the 26th, as the rise of the far-right Alternative für Deutschland party performed well in the German federal elections. This caused the euro to dip in value, and a subsequent bump up in the price of gold.

Through the last week in September, however, gold prices continued to fall. On the 28th September, continued fears of US interest rate rises coincided with a price dip to £955.71. Further improvements in the dollar and the US economy kept the gold price down as it hovered around its lowest point in seven weeks.

Over the course of September, the overall value of gold fell 3.84 per cent. Remember, if you’re looking to buy precious metals, it’s well worth monitoring the price of gold to get a gauge of the market before you make your purchase.

If you want to take advantage of falling prices, consider buying physical gold bars or gold coins, take a look through our selection here.