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August 7, 2009 – The current spot price of gold is falling as a stronger United States Dollar has slightly reduced safe haven demand in the short-term, yet several market analysts are expecting a rebound by next week as a result of speculation that dollar-backed assets may continue to contract if negative economic data is released for July. The latest economic data shows that unemployment has fallen to 9.4 nationwide, and believe it or not, this is being considered “positive” data because July’s job losses fell to 247,000 from an expected 325,000. This is without a doubt a big difference, but we’re still looking at about a quarter-million American losing their jobs in the United States in just one month. Despite sentiment that an economic recovery may be underway, we could see stumbles along the path, thus it’s no surprise that so many wise investors are tracking the current spot price in order to maximize their profit and preservation potential throughout the worst financial crisis we have seen since the Great Depression.

By 2:20 PM Eastern Standard Time, the current spot price is headed in the downward direction, down to $954.60 per ounce, decreasing $8.40 for the trading day, yet still increasing $45.50 in the last 30 trading days and also increasing $82.30 in the last 365 trading days. The latest short-term market projections are expecting the gold spot price to fluctuate around $950 per ounce and $985 per ounce until the ever-fluctuating United States Dollar gives further direction to precious metal markets.

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Arthur McGuire

Senior Staff Writer - Gold-Investment.info