Apr 20

Weekly Gold Price Recap – April 16-20, 2012

Monday April 16th Open: $1,651.30
Weekly Low: $1,635.10
Weekly High: $1,654.40
Friday April 20 Close: $1642.30

Gold prices have been on the downturn this week, lingering under $1,650 on Monday, dropping to $1,642. Gold prices have been following a slight but steady decline since late February, yet the price of gold stabilized on Thursday’s closing after several U.S. economic reports revealed that the American economy has not performed as well as expected in the past week. The gold market is unique because while most commodities markets may look forward to a booming economy, gold’s currency market actually hinges on its place as a hedge against economic downturn. Thus, when the economy seems to be on an upturn, gold prices fall. Continue reading

Mar 29

The Price of Gold “Too Low” Says Top Analysts

The price of gold is currently at $1656 an ounce. Predictions from Goldman Sachs analysts say the price will rise to $1785 within the next 3 months and up to $1840 by the end of 6 months. After a year, these experts say gold will then be at $1940 an ounce or higher. As stated in a letter put forth, the Goldman Sachs analysts said, “At current price levels gold remains a compelling trade but not a long-term investment.” Continue reading

Mar 29

Recap on Gold Prices for March 27th to 28th, 2012

Wednesday, March 28th, 2012, saw spot gold price head south dramatically at $18.70, from $1680.60 down to $1662.90 according to KITCO. This is following yesterday’s fall of $9.30 per ounce. The 1.04% drop in gold price is the continuation of a month-long trend. Over the last 30 days, spot gold has seen a steady decline in value, with $1635 per ounce its lowest mark. Continue reading