Gold traded sideways for the second day in a row, to close at $1,130.72 per ounce. Equity markets rallied for the second day in a row, as the S&P 500 index rose 6.4 points to 1,102.35. Meanwhile, commodities were mostly lower on the day, highlighted by the price of oil, which weakened by $0.19 to [...]
Gold Falls to $1,131.25 as US Dollar Gains
The price of gold fell $23.30, to close the day at $1,131.25 per ounce. Investors continued to sell investments related to the price of gold as the US Dollar gained strength. Gold mining stocks were sold aggressively, evidenced by the 4% decline in the Market Vectors Gold Mining ETF (GDX) and the 2.7% decline in [...]
Filed Under: Precious Metals
Gold Falls More than $50 on Jobs Data and Dollar Strength
Gold plummeted $55.90 and marked its worst one day decline in a year. The price of gold measured a decline of 1.5% for the week, after rallying as high as $1,226.50. The impetus for the sell-off was a better than expected employment report, which led to a 1.4% rally in the U.S. dollar. Only 11,000 [...]
Filed Under: Precious Metals
Rising Gold Prompts Lofty Price Predications
Gold continued its ascent as the price reached a high of $1,226.50 before settling back near $1,215. Calls for higher gold prices are widespread as a mini-gold fever has broken out on Wall Street. After rising 13% last month, gold has began December with the same vigor as it did in November. Gold mining stocks [...]
Filed Under: Precious Metals
Gold Price Reaches Record $1,217
Gold set a fresh record high, trading to $1,217 per ounce early today. The gold price, gold mining stocks, and nearly every other asset class rose materially on the back of a weak U.S. dollar, which is trading near a 15-month low against a basket of foreign currencies. Vice-governor at the People’s Bank of China [...]
Filed Under: Precious Metals
Gold Recovers Above $1,170 After Falling to $1,138
News that Dubai World is postponing payments on $59 billion of debt that it used to finance its construction boom sent gold down as much as $52 to $1,138 per ounce in overnight trading. The price of gold recovered much of the loss during the holiday shortened trading session, as market participants continued the recent [...]
Filed Under: Precious Metals
Gold Reaches New Record High Above $1,080
The price of gold set another new record high at $1,182.75 per ounce, moving higher for the seventeenth trading day out of the last eighteen. The gold price has rallied 12.9% in November alone, rising $135.40. The topic of asset bubbles is back gracing the covers of the financial press, and the explosive move in [...]
Filed Under: Precious Metals
Five Factors Supporting the Gold Bull Market
Gold hit a record intraday high of $1,174 per ounce and COMEX gold futures closed higher for the fifteenth time in the last sixteen trading sessions. The December COMEX contract rose $17.90, or 1.6%, while spot gold bullion closed at $1,165.31, up 1.3%. Investment banks are rushing to raise their gold price targets – Bank [...]
Filed Under: Precious Metals
Gold Trades Above $1,070
Gold traded at fresh record highs this morning as investors continued to increase exposure to gold against a backdrop of plunging government bond yields. Gold hit a high print of $1,170.10 per ounce this morning and COMEX gold futures looked set to rise for the fifteenth time in the last sixteen trading sessions – a [...]
Filed Under: Precious Metals
Gold Holds $1,140 Level Despite Strengthening Dollar
The price of gold has stubbornly remained near record highs even while the U.S. dollar appears to have halted its downward trend. While dollar bears have become more vocal, the greenback is trading higher today versus most major currencies than it was six weeks ago. Although the price of gold has resisted correcting, the headwinds [...]
Filed Under: Precious Metals
