Posted by Adam King on July 13, 2009
Another Day…Another Dollar?
July 13, 2009 – Gold prices are slowly testing higher ground today as crude oil dips while the United States Dollar index along with several major stock indexes continue to inch their way higher. There really isn’t any significant market fluctuation occurring today as the majority of investments are being led by the Dollar Index that hasn’t been showing much movement lately. According to several market analysts, the overall outlook for the global economy could prove to be beneficial for gold prices as more and more investors begin to reconsider their investing options during the worst financial crisis we have seen since the Great Depression. Let’s face it, stock and real estate markets have contracted significantly in the past eight years while gold prices increased more than 300% as the economy dwindled. The latest short-term market forecasts are predicting that a stronger United States Dollar could push the gold spot price down to $900 per ounce, while a weaker dollar could increase safe haven demand, thus pushing the spot price to $925 per ounce and higher.
By 12:30 PM Eastern Standard Time, gold prices have rebounded after some minor losses that were seen during the early-morning trading hours, thus the higher safe haven demand in the United States has pushed the metal to $915.20 per ounce, increasing $2.20 for the trading day, yet decreasing $23.10 in the last 30 trading days. It would be wise to keep a close eye on the United States Dollar Index, because the fiat currency has re-emerged as the chief driver of gold prices in the past few months.
Senior Staff Writer – Certified Gold Exchange
US Gold Market