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Friday, September 24, 2010

Gold Prices Surpass $1,300 as Dollar Plummets in Value

There are so many variables, which when combined, provide the perfect storm for gold prices, and at any one time one or the other can be highlighted, continuing to push the price of gold upward.

Today's record gold price, where gold futures traded as high as $1,301.30 an ounce on the COMEX, was moved largely by the weakening U.S. dollar, which has shrunk against the euro (EUR/USD), gaining over 1.3 percent in morning trading.

So far in September gold has gained 4.2 percent, and is up 18.5 percent for 2010.

While $1,300 is not much more than a measuring stick and doesn't mean that much, whenever a new increment of $100 is met it's important psychologically, and reinforces the underlying fundamentals as to why gold continues to soar.

1 comment:

cyanzone said...

The future truly is golden for us. It will go over $2,000 an ounce soon.