February 3, 2009 – The current spot price of gold is going through a series of fluctuation due to the weakening United States Dollar attracting safe haven investors but short-term investors exiting the market in order to profit quickly. Last night we saw a low of $896.40 per ounce then that number quickly jumped up past the $900 mark during early-morning trading after short-term investors entered the market once again in order to profit from the quick spikes. We’re seeing the current spot price at a two-day decline as a result of market analysts saying that the rally drove prices a little higher than expected and that prices could fall back down under $900, although the more positive market analysts are saying that it will be a battle between buyers and sellers in order to remain at the $900 per ounce mark. 2009 is proving to be an exciting year for precious metals investing, and as long as equities remain weak due to the financial crisis, we could be seeing some good gains in the price of these metals.
During midday trading the current spot price of gold is at around $896.50 per ounce, down $8.30 for the day and up $21.60 in the last 30 trading days. The sky is the limit right now with gold investments and if the economy doesn’t get better anytime soon, we may just be seeing what many speculative market analysts are calling the “best year so far” for precious metals. Invest well and have a great day.
Senior Staff Writer – Gold-Investment.info