Gold Prices Rebound Sharply Following June Decline
Global gold prices have rebounded in the world market after falling sharply in June. According to Kitco and the London Bullion Market Association, gold stood at $4,532.03 per troy ounce at the end of May before plummeting to $4,022.29 in June, a decline of about 11.2 percent.
The market stabilized in July with prices rising slightly to $4,049.83 per ounce by the end of the month.
The recovery gained momentum in August, with spot gold reaching $4,624.87 per ounce on Tuesday, August 25, Kitco reported.
The rise has been supported by several factors, including a weaker US dollar and changing expectations about US interest rates. Bank of Tanzania Governor Emmanuel Tutuba attributed the increase to geopolitical developments, such as the conflict in the Middle East and changes in oil prices.