Gold prices in July drifted around the level of $1,600 per ounce for another month. On the last day of July, the gold price closed at $1,614 per ounce, which was an increase of 1.1% since the end of June. Price fluctuations were relatively small. The highest gold price was $1,629 per ounce, while the lowest was $1,554 per ounce. As in June, the price volatility channel of less than $100 indicates that gold prices have stabilized in anticipation of a new, sharp movement. The situation was very similar for Polish investors. A slight strengthening of the zloty caused gold prices to rise by 1.3% in July to PLN 5,396/ounce. The maximum price of gold was PLN 5,544/ounce, and the minimum was PLN 5,345/ounce. A positive correlation between the gold price and our currency continues to be observed. This means that when the gold price expressed in dollars rises, our currency also strengthens, and when the gold price falls, our currency weakens. As a result, this further reduces the price fluctuations felt in zlotys.
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