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August 24, 2009 – Gold current prices are jumping upwards today above the resistance level of $945 per ounce as safe haven purchasing has increased after the latest negative economic data. The United States Dollar Index continues facing instability in the short-term because many investors are beginning to weigh out their options with investing market at the moment, and it appears that uncertainty with our fiat currency could mean further problems down the road with dollar-backed assets. According to several market analysts, gold current prices may continue increasing if the United States Dollar continues to flounder, and this comes as no surprise especially since history has proven that wise investors turn to gold during both inflationary and deflationary economic environments. It’s very important that we keep a close eye on the upcoming decisions of the United States Federal Reserve because if they decide to increase interest rates too soon, we may see a high-inflationary cycle sooner than expected.

During the midday trading hours, gold current prices are being well supported by a wide array of economic data showing lower risk taking demand and higher safe haven demand for precious metals. Currently, the gold spot price is sitting at $954.50 per ounce, jumping up $13.70 for the day, and also jumping up $141.70 in the last year. Several market analysts have predicted that the spot price may climb up to $975 per ounce before the end of the month, which in turn could lead the way for $1000 per ounce throughout September.

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Arthur McGuire

Senior Staff Writer - Gold-Investment.info