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 30th of October at £964.55.
Prices across the month rose by 0.89 per cent, but peaked on the 12th 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 9th October, when prices reached £980.86, before dipping on the 11th.
The price rose once again to its October height of £985.80 on the 12th October, ahead of US inflation rate revelations.
Strong dollar weakens gold price
Fluctuations continued over the next week, peaking again on the 16th October at £984.31 and the 19th 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 23rd 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 30th October, with a brief peak of £971.38 on the 28th, 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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