[/caption]Update:
5:19 pm EST: Gold has been trading above $1,340 most of the day and with that has been erasing the losses from the last few days. As of 5:19 pm EST the price for 1 ounce of gold was $1,343.74, $21.54 or 1.63% up for the day.
This is the first time in three days that gold gained. Bloomberg comments on this: "The dollar fell as much as 1.3 percent against a basket of six currencies on speculation that any Federal Reserve program to buy back government assets will debase the U.S. currency. Gold has climbed 7.6 percent since Sept. 1, reaching a record $1,388.10 an ounce on Oct. 14, while the greenback has dropped 6.4 percent."
Thursday’s rally “is really a testament to the ability of gold to come back,” said Jim Steel, an analyst with HSBC in New York to marketwatch.com.
The Federal reserve board is scheduled to hold a two-day policy meeting next week, which is expected to have an effect on the gold price. If some monetary easing would be signaled, gold is expected to move higher.
The price of gold has climbed 2 1/2% in October and 22 percent total in 2010. Gold was up the last nine years in a row.
[caption id="attachment_11016" align="alignright" width="194" caption="Gold Price as of 5:19 pm EST, courtesy of goldprice.org"]
[/caption][caption id="attachment_11009" align="alignright" width="192" caption="Gold Price as of 4:16 pm EST, courtesy of goldprice.org"]
[/caption]4:16 pm Est: The gold price is now $1,343.27 per ounce. That is up $21.07 for the day or 1.59%.
3:06 pm EST: The gold price is now $1,342.68 per ounce, up $20.48 or 1.55%. Gold has been trading for 3 hours in this high range.
[caption id="attachment_11003" align="alignright" width="190" caption="Gold Price as of 3:06 pm EST, courtesy of goldprice.org"]
[/caption]The gold price has been moving up nicely during the day in New York. As of 1:19 pm EST the price per ounce was $1,342.50, up $20.30 or 1.50% today.
The lowest price to day was $1,320.87 and the high for the day was $1,345.05 per ounce.
The price for gold bounced back from yesterday's lows amid renewed weakness of the U.S. dollar. These prices are for spot gold, not for gold coins. The prices for bullion gold coins are closely connected to the spot gold price, but do not exactly follow the gold price immediately. The prices for rare gold coins are usually not directly connected to the gold price.
As goldalert.com reports, several of the world's largest gold mining companies reported production figures from their last quarter. During that quarter the gold price advanced from $1,197 on June 30 to a new all-time high of more than $1,300 per ounce by the end of September:
"Barrick Gold(ABX), the world’s largest gold producer, reported quarterly production of 2.06 million ounces and reiterated its full-year production forecast of 7.65 – 7.85 million ounces. Goldcorp (GG), the second largest gold company by market capitalization, produced 596,200 ounces at reaffirmed its guidance of 2.55 million ounces for the full year. Angico-Eagle Mines (AEM), another of the largest gold miners based in Canada, achieved record gold production of 285,178 ounces in the quarter, and also reaffirmed its full-year forecast of 1.0 – 1.1 million ounces."
Diamonds.net reports, that Juan Carlos Artigas, investment research manager for the World Gold Council, said: "While the path to sustained economic growth remains uncertain, G10 currency markets have recovered from the low levels experienced around the sovereign debt crisis and their currencies have appreciated against the U.S. dollar. At the same time, after an initial recovery, the U.S. labor market has turned dormant and the outlook for the dollar remains negative."
0 التعليقات:
إرسال تعليق