Certified Gold Falls with Gold Spot Price
Posted by Brian Ford on June 07, 2013
Certified gold coin prices fell on Friday morning after the gold spot price dropped $27.70 to $1387 per ounce. The day’s trading session started with gold climbing to $1418 but newly released economic data motivated investors to sell their holdings.
The U.S. dollar index rose once the U.S. jobs report was released, and the dollar’s rise caused an immediate decrease of the gold spot price. The jobs report made the situation worse for the yellow metal as non-farm payroll numbers beat analysts’ expectations. Non-farm payroll figures were expected to be weak and some analysts questioned whether the better-than-expected figures were good enough to drive the dollar up and gold down. Nevertheless, a widespread selling session started mid-morning and drove the certified gold spot price as low as $1376 before it rebounded slightly.
As of 1pm EST the gold spot price is down 2.32 percent for the day, 4.94 percent in the last 30 days and 14.74 percent in the last 365 days. The dollar’s renewed strength and investors’ appetite for more traditional investments such as stocks and real estate has recently hindered gold from continuing its upward march that originally began in 2001, when the gold spot price was at $252 per ounce, according to the COMEX division of the New York Mercantile Exchange (NYMEX).
Certified gold coins such as Indians, Lady Liberty fractional pieces and Double Eagles lost some value as well on Friday, according to gold coin grading companies PCGS and NGC. The most popular investment-grade gold coin, the MS63 Saint Gaudens $20 piece, was down $15 while its predecessor, the Liberty Head Double Eagle, was down $25 in the MS63 grade. Be sure to visit our Daily Market Update page again on Monday for a rundown of next week’s expectations for certified gold.
Tags:
Certified Gold Investments, Certified Gold Market, Certified Gold Prices, Certified Gold Updates
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