Gold prices report on November 20, 2018

In the coming years, the growth of India's economy will serve as a supporting factor for the cost of gold, assure the International Monetary Fund (IMF) experts.

The economy of this South-Asian country demonstrates the best growth among the world powers, accounting for 7,3% for the current period of 2018. This rate is by 2,6% higher compared to other developing countries.

According to the IMF, the economic situation in India is improving every year so far, and in the long run it will stabilize the world gold market.

In 2017, the number of Indian billionaires increased to 119 people, their combined net worth has increased by 35%. Experts estimate the value of the country’s gold reserves at $14 billion.

The growth of dollar billionaires in India from 2012 to 2017.

On Monday, November 12, an ounce of gold cost $1,200.

After the parliamentary elections in the United States, American stock market demonstrated an increase. In turn, this puts pressure on the yellow metal — compared to last week's figures, the price of gold has slightly decreased. However, this situation is unlikely to last long, as the stock growth will be short-term, assure American investors.

Representatives of the US Democratic Party are certain that the economic policy of Donald Trump will lead to a further deterioration of trade relations with the PRC, adversely affecting the US stock market. The economy of the United States may be at risk, its growth is expected to slow considerably.

On Tuesday, November 13, an ounce of gold cost $1,202.

CEO of the Canadian gold mining company Broadway Gold Mining Thomas Smeenk sees great potential for gold prices. According to the expert, the deficit will inevitably lead to a rise in inflation, which will affect the cost of commodities. "The US dollar strength is unsustainable," notes Smeenk.

"The US government can continue its game of printing fiat money for a while, but at some point there is going to be a shock to the system and investors will turn to gold as a safe haven asset even in the midst of economic crises."

Thomas Smeenk noted that gold mining companies continue to work successfully even in conditions of the US dollar strengthening, and in the long run, gold would demonstrate a significant growth.

"There is too much uncertainty going on in the global economy, so the precious metal should become the main part of the investment portfolio," says Smeenk.

On Wednesday, November 14, gold cost $1,211 per ounce.

The Swiss government has expressed its desire to make the local gold market more transparent for investors.

In this Alpine state, hundreds of tons of gold from other places are accommodated annually. Swiss politicians consider it necessary to increase control over the gold industry in order to track the origins of imported gold.

According to the official statistics of the customs service, in October 2018, 223 tons of gold were imported into Switzerland, while 118 tons were exported. According to the data for 2017, 2,400 tons of gold worth over 69 million dollars were imported into the country, while the export of the precious metal totaling 1,680 tons amounting to 66,8 million dollars. 

On Thursday, November 15, gold strengthened its positions, reaching a mark of $1,213 per ounce.

The weakening of the national currency and tougher sanctions imposed by the United States are prompting Iranian citizens to actively buy gold to protect their personal savings.

Gold bars and coins are in the greatest demand among the country’s residents. Unlike jewelry, they are not subject to VAT.

As of October 2018, positive trends are observed on the Iranian gold market. In comparison to the indicators of this year’s second quarter, the sales growth of gold products in Iran amounted to 28% in the third quarter, the demand for the gold bars reached its record high over the past five years.

On Friday, November 16, gold maintained an upward trend, an ounce of gold cost $1,221.

Experts of the American Wells Fargo bank note that investors keep showing interest in gold. According to analysts, against the backdrop of a falling US dollar, we can expect a rise in the price of gold.

On Monday, November 19, the cost of an ounce of gold was $1,224.

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