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Tuesday, July 20, 2010

Gold Prices Up as Earnings Weakness

After Goldman Sachs (NYSE:GS), IBM (NYSE:IBM) and other missed earnings estimates, or confirmed weak quarters, gold prices today increased by almost $8 an ounce at mid-day.

On the Comex division of the New York Mercantile Exchange, gold for August delivery increased $7.80 to $1,189.70 an ounce, while spot gold was up by $7.90, to $1,192 an ounce, as of 12:52 PM EDT.

Another factor was the fall of the euro, which dropped to $1.29 against the U.S. dollar, or 0.15 percent.

While gold will resume its upward march, short term it does look like there'll continue to be some volatility as conflicting economic news keeps investors in other assets like Treasuries and the U.S. dollar.

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