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March 4, 2009 – Spot prices for gold look like they may be heading to the $900 per ounce benchmark before starting to head back up again, and several market analysts believe that the next time the metal rallies; it could surpass its record high. The overall trend with the gold spot prices looks good at the moment, and even though prices are falling today, it’s only a temporary situation that could result in a major rebound due to investors taking advantage of the much lower prices and purchasing as much of the metal as they can. There’s also some new economic data about the United States economy losing more jobs in February than expected, thus safe haven demand may surge again which could be beneficial for gold and other precious metals. It’s important to keep a close eye on the external economic factors that could push prices at the moment, especially since the United States Dollar is expected to weaken and large safe haven purchasing is expected when the metal actually reaches the $900 per ounce benchmark.

Today’s spot prices are once again showing a modest amount of profit taking that has brought gold down to around $908.50 per ounce. The metal has inched its way down for the last eight days after reaching a peak of $1007 per ounce and it is projected to rebound into the $1000 per ounce area once again when investors begin taking advantage of the lower pricing for bars and coins.

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Arthur McGuire

Senior Staff Writer – Gold-Investment.info