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Updated: 20:52 23/05/22

October Gold News 2017

25 Oct 2017

The likelihood of a rise in UK interest rates dramatically increased on better than expected Gross Domestic Product (GDP) figures. Office for National Statistics figures show that in the 3 month quarter to September GDP rose by 0.4% - 0.1% up on the first two quarters. UK economist Ruth Gregory, of research company Capital Economics, said the figures 'have probably sealed the deal on an interest rate hike next week'.

The pound rose against the dollar and the euro by almost 0.3% after the publication of the figures on Wednesday.

The US dollar continues to be strong. It is supported ...

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24 Oct 2017

Thirty years ago,  Black Monday was the biggest stock market fall since the crash of 1929. It began in Far Eastern markets and was exacerbated by the use of programmed trading mechanisms. By the end of October some markets had seen falls of 45.5%. After initially soaring to £365 an ounce, gold then fell to £351, as investors sold whatever they could lay their hands on to raise funds.

By 10.30am,  October 24th, the gold price had £969.96 an ounce. Earlier, Gold prices dropped and hit its lowest in over two weeks. The drop comes amid hopes that some elements of ...

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19 Oct 2017

On the day when inflation rose to 3% the Office for National Statistics has revised its figures revealing that Britain is £490bn poorer than was thought. This is equivalent to 25 per cent of gross domestic product (GDP).

The revision follows a huge fall in overseas investment in the UK from a £120bn surplus in the first half of 2016 to a £25bn deficit over the same period in 2017. Simon Derrick, The Bank of New York Mellon's currency strategist, told The Telegraph: 'The outflows from the UK began in mid-August,' and added, 'The big buyers are disappearing.'


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17 Oct 2017

UK inflation has risen to 3% - the highest level for five years, figures released by the Office for National Statistics show.

It comes as households already face rising airfares, fuel and electricity prices.

With the average pay packet only growing by 2.1% in the past year, it means prices are rising faster than earnings.

Speaking in The Independent, Laith Khalaf, a senior analyst at Hargreaves Lansdown, said:

“The pound in your pocket is depreciating, as the rising price of goods continues to chip away at its value. Consumer spending remains remarkably resilient in the face ...

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16 Oct 2017

Talks to take the UK out of the European Union have reached a ‘disturbing deadlock’ according to the EU’s chief Brexit negotiator.  Talks over what Britain owes for the divorce have not moved forward meaning that trade talks cannot start.

The EU’s Michel Barnier said:

“On this question we have reached a state of deadlock which is very disturbing for thousands of project promoters in Europe and it’s disturbing also for taxpayers”.

He added:

 "I am not able in the current circumstances to propose next week to the European Council that we should start discussions on the future relationship."

<a ...

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12 Oct 2017

A leading expert in wealth and investments has written an article saying that  "Everyone should own some physical gold". 
Rob Marstrand - founder of OfWealth said:
"...In a “good” world – with vast, fast growing, gold-hungry emerging markets like India and China – consumer demand will drive up the price. In a “bad” world – of bursting asset bubbles, financial crises or war – gold is insurance."
His sentiment is shared by Swiss private bankers. Some years ago the ‘Gnomes of Zurich’ turned their back on gold but today, it’s common to hear institutions from Geneva ...

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10 Oct 2017

It appears gold is on the up again as it touched its highest level in nearly two weeks on Tuesday.  Analysts are suggesting a softer dollar and geopolitical tensions in Spain and North Korea are behind the spike – and it could be set to continue!

 Spot gold was up 0.4% at $1,291.53 an ounce by 10.09am GMT on Tuesday, having earlier touched its highest since late September at $1,291.82. Investors were particularly wary on Tuesday as Pyongyang celebrated the founding of its ruling party, a day after Russia and China both called for restraint on North Korea following ...

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