After hitting a four-year low, gold prices made back some ground on Thursday, but some analyst predictions fear that the floor for next year’s total prices may plummet further than initially expected.
Gold futures fell again on Wednesday, and the precious metal not only reached its lowest price point in four years but may fall further to the landmark $1,000 price point.
After experiencing four straight days of selloffs, gold futures recovered from an early dip in the market on Tuesday.
Gold started the week trading near its four year low as the U.S. dollar posted gains and investors continue to speculate on the timing Federal Reserve’s planned interest rate increases.
Gold prices declined considerably on Thursday as the U.S. dollar gained strength and employment data had strong showing.
Copper prices rallied on Tuesday as miners plan to strike at two of the world’s largest copper mines.
Gold prices were fairly steady on Monday after falling .6 percent last week on strong economic data and rising equities.
Gold posted declines for the second day in a row.
Copper prices rose on Thursday as the Chinese and eurozone manufacturing sectors expanded at a faster rate than analysts originally projected.
Gold prices are well on their way to their largest loss in two weeks as the U.S. dollar gains and inflation is tamed, Bloomberg reported.