Gold Prices Today Pressing Toward Largest Gain in Two Weeks

The anticipated and expected drop in the value of the U.S. dollar is playing a big part in the increase in gold prices today, as it dropped, pushing up the price of commodities, and gold in particular.

Gold futures for December delivery on the Comex in New York rose to $17.70, to $1,354.60 an ounce at about 11:20 AM EDT. That is the largest gain since November 4, if it is able to close at that, or higher.

Spot gold prices were up by $18.30, rising to $1,354.10 an ounce at 1:49 PM EDT.

The only reason the U.S. dollar was stronger recently was because its move up against the euro, which was again under pressure because of the seemingly endless sovereign debt crisis, which is far from over, and is still hidden in obscurity and dishonesty in some countries, making it difficult to ascertain the depth of the crisis.

Greece's recent announcement they had understated the extent of their deficit is a case in point.

The question for gold now is if the correction is over or if there is more room to go down.

Barring unforeseen circumstances, it seems gold prices may be ready to take off again, but only time will tell if that's the correct assessment.