, IncDecember 16, 2009 – The gold price today is a bit higher than the gold price of the first two days of the week, and substantially higher than the spot value of last week. After gold climbed to $1227 per ounce from under $1000 per ounce in just a few weeks, a stronger US currency and renewed faith in our economy repressed precious metal values for a short while. Economists have called for the gold price today to rise a bit more because today’s dollar index fell traumatically against a basket of other major currencies.
Projections for the price of gold are overwhelmingly bullish for 2010, although another rally by the investment-grade yellow metal will hinge on the performance of the dollar and other US financial markets over the next 12 months. Gold was not traditionally considered a mainstream investment, but during the 1970s and in our current cycle we see and influx of investors flock to gold, silver, and other privately held safe-haven commodities in order to protect themselves from faulty traditional markets. The gold price today is the direct result of investors who have increased their safe-haven demand by purchasing assets that can be privately stored and that are not tied to the falling dollar.
The gold price today at 1pm EST was $1132.80, which is an increase of $14.60 over the market’s opening levels. If you have given consideration to a gold investment and you think that the gold price could escalate further in 2010, contact GoldPrice.net directly or feel free to pick up one of our helpful and free investment tutorials below.
Arthur McGuire
Senior Staff Writer - GoldPrice.net
