Gold Price Shows Some Recovery After Sharpest Drop in 15 Months


The price of gold rose on Monday after last week saw its most significant weekly decline since March last year. Bargain hunters seem to be taking advantage now that the precious metal has fallen sharply in value.


The gold price fell by about 6 percent last week due to concerns that the US central bank, the Federal Reserve, could raise interest rates earlier than expected. Higher interest rates and a stronger dollar make investing in gold less attractive.

On Monday, the gold price on the commodities market in London recovered somewhat with a plus of 0.8 percent to more than 1783 dollars per troy ounce (31.1 grams). In August last year, the gold price rose to a record level of more than 2000 dollars.

The price of silver also fell sharply last week and is now rising again. The price of platinum is falling further after the sharp decline last week. The copper price is also still under pressure.

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