Daily News

April 24, 2009 - The current gold price is receiving support from several economic factors such as the exploding Chinese foreign exchange demand, the Indian wedding season jewelry demand and of course, the American and European investment demand. All of these factors have been elevating the metal up to the current gold price, and several short-term projections are expecting the rally to continue into next week as the overall momentum of the market could turn into a full-blown avalanche. The current economic environment is creating significantly higher safe haven demand by investors who want physical possession precious metals as opposed to stocks, bonds and even exchange traded funds. Instability with mainstream financial markets may continue driving investors to diversify into safe haven metals until positive economic data becomes released showing that the global economy may be recuperating. Until then, a solid diversification is always recommended in order to protect your long-term spending power during this troubling financial crisis.

By around 12:30 PM Eastern Standard Time, it appears that the current gold price is continuing to elevate for the third trading session in a row, and it is sitting at around $911.20 per ounce, an increase of $7.40 for the trading day and also an increase of $24.60 in the last 365 trading days. Short-term projections are saying that $950 per ounce may be achieved before the metal begins to take a step back, so don’t miss the opportunity to take advantage of the market during this current economic scenario.

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Arthur McGuire

Senior Staff Writer – Gold-Investment.info