Gold Price Per Ounce
Posted by Adam King on September 08, 2009
Is The Economic Recovery Underway?
September 8, 2009 – The gold price per ounce has officially surpassed the powerful resistance level of $1000 per ounce as the United States Dollar Index tumbles while several stock indexes climb. According to several market analysts, we are currently experiencing a vital point in this economic cycle as many investing markets are beginning to show considerable gains despite weakening fiat currencies that may continue losing value as a direct result of inflation. The group of 20 nations has already committed nearly $12 trillion in order to prevent global economic collapses, and even though this is recovering the economy in the short term, it&rsquos the long-term inflation that continues driving wise investors into the diverse gold market. This being said, it’s very important that we keep a close eye on growing inflationary pressures along with the United States Dollar Index in order to determine whether or not the gold price per ounce is prepared to surpass its all-time record high of $1033 per ounce.
By 10:30 AM Eastern Standard Time, it appears that the gold price per ounce has risen moderately for the session as the United States Dollar Index falls .80 points to 77.23. The current spot price is sitting at $1001.90 per ounce, increasing $7.30 for the trading day and also increasing $200.30 in the last of 365 trading days. The latest short-term market projections have forecasted that further safe haven demand could push the metal above and beyond the highly anticipated $1033 per ounce level.
Arthur McGuire
Senior Staff Writer – Certified Gold Exchange
Categories:
US Gold Market
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