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Gold prices started the new year by hitting $1,900 per ounce and closed the week at $1,889.10 per ounce.
Gold prices resumed their upward trend last week, breaking above the 50-day moving average.
Last week, the gold spot price was up 0.05% and the U.S. Dollar Index was up 0.30%.
Gold prices bounced back last week after finding support at the 200-day moving average.
The major indexes posted mixed performance last week. The NASDAQ finished the week up 2.65%, the S&P 500 gained 0.72%, the Dow Jones Industrial Average was flat, and the Russell 2000 small-capitalization index lost 1.61%. The 10-year Treasury bond yield fell 8 basis point to 0.63%, as Treasury bonds rose for the week. Last week, spot gold closed at $1,940, down 0.24%. Most notably, the S&P 500 traded above pre-pandemic highs set in February. This was the fastest bear market and second-fastest bear market recovery in U.S. history.
The Berkshire Hathaway annual shareholder meeting last year drew over 30,000 people to Nebraska to hear the “Oracle of Omaha,” Warren Buffett. With the pandemic, this year the whole meeting was presented on the internet. Visit Omaha, the city’s tourism bureau, figures that will cost the citizens of that city about $21.3 million in lost compensation and revenues, according to The Wall Street Journal.