It could take a lot of patience for those looking to buy gold.

Gold prices are often volatile and can jump or drop depending on a multitude of factors.

However, here are four key factors investors may want to keep their eye on:

CURRENCY MARKETS

Gold prices tend to reflect changes U.S. dollar value compared to foreign currencies. When the dollar is strong, gold will be more expensive in foreign countries whose currencies have declined in value.

INTEREST RATES

Low interest rates make it easy to choose gold as an alternative to bonds.

Whereas, many investors believe that higher interest rates will pressure gold prices downward.

ECONOMIC STRENGTH

If commodities traders think the economy is doing well, they will buy less gold. Investors have many other more profitable investments like stocks, bonds, or real estate.

If they think the economy is doing poorly, then they will buy more gold. Investors buy gold as protection from either an economic crisis or inflation.

INFLATION

Inflation threatens the value of financial assets like stocks and bonds, and it therefore makes gold look more attractive as a store of value.

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