Up Or Down: Where Are Gold Prices Heading Next In November?

The precious metal gained more than $100 over a seven-day rally – its longest winning streak since May, as its appeal as a hedge against inflation risk was boosted by data showing U.S consumer prices in October surged at their fastest pace in 31-years.

That trend is the same around the world. Recent data showed in China and Japan, inflation is shattering records. While in many other economies, including the UK, Canada and Europe inflation is nearing its highest level in almost two decades.

Earlier this week, the Minneapolis Federal Reserve Bank’s president said he expected higher inflation over the next few months but said the U.S central bank should not over react to elevated inflation as it was likely to be temporary.

Gold prices are currently trading sideways in a tight range, which ultimately indicates a big move is on the horizon. The only question now, is which way. Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.