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Better US data sees gold prices ease from record high creating an opportunity

2020 certainly got off to an explosive start for gold – if you caught our bulletins earlier this month, you’ll have seen that gold skyrocketed to an eight-year high of $1610. This gain was provoked by unrest in the Middle East and surpassed some of the overall price expectations that many experts had put forth for 2020.

Fast forward a week and a half and things are settling back now – which is ideal news if you were caught by surprise and are now looking for a window of opportunity to invest. Over the last couple of days, we have seen a few economic and political events which have allowed prices to ease offering those quick to act a chance to buy now at the lower rate.

One of the key events this week that saw gold price easing slightly came yesterday (Thursday) with the publication of December’s retail sales report. This official figures, which chart retail sales over the crucial holiday shopping period, gave markets some chance to breath a small sigh of relief with the numbers showing a 0.3% increase overall and 0.7% increase without the automotive sector factored in.

Earlier in the week, The Dow Jones Industrial average closed at 29,000 for the first time ever. While these reports and stock performance buoyed up market confidence leaving stocks closing on record highs, it also meant risk appetite waned, leaving gold trading at $1,551.60 at end of business. If you act quickly before the simmering global political and economic tensions spill over once again, this represents an opportune moment to buy now.

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