Posted by Adam King on September 03, 2009
Is It Time For $1033+ Per Ounce?
September 3, 2009 – Gold prices have risen to three-month highs as the United States Dollar Index continues to lose value amidst growing speculation that safe haven investment demand may rise considerably within the next few months. Just yesterday, gold prices increased 2.3%, the largest gain since March 18 as the dollar and most stock indexes decreased, and this has caused several market analysts to predict that the metal may be headed towards its all-time record high of $1033 per ounce. If spot prices hit these projected levels, it should come as no surprise to investors, especially since inflationary pressures and negative economic data typically fuels higher demand for one of history’s most preservative assets, gold. The current target for the precious metal should be the February 20th high of $1007 per ounce, and momentum exceeding this level could create a large-scale shift away from dollar-backed assets in exchange for physical possession bars and coins.
By 10 AM Eastern Standard Time, gold prices are showing minor gains for the trading session as investors continue to seek comfort with the metal, and currently the spot price is sitting at $982.40 per ounce, increasing $4.10 for the day and also increasing $177.80 in the last 365 days. Short-term projections have forecasted that a climb up to $990 per ounce by tomorrow is likely, yet it all depends on overall investor sentiment along with the strength of the United States Dollar Index that happens to be one of the most important external economic factors at the moment.
Senior Staff Writer – Certified Gold Exchange
US Gold Market