Gold prices skyrocketed yesterday and closed out the trading session above the
1700 price per troy ounce mark. Spot gold price per gram moved higher as well
and precious metal gold is attracting tons of attention due to its safe haven
appeal. The precious metal continues to touch highs and gain interest as the
stock market flounders in stormy waters. Currently, the stock market is
rebounding as the major market index composites in the U.S. are posting values
in the green. Investors on Wall Street are more optimistic this day that the
Feds will issue statements today which indicate that they will initiate
financial support to hold up the faltering U.S. economy. The Feds have not given
this indication directly, but investors are hoping that yesterdays significant
sell off for stocks will motivate the Feds to offer something more. If this does
not happen today, expect to see the primary indices drop off and gold prices
surge higher. Currently, the DJIA, Nasdaq and S&P 500 are posting green. The DJI
is higher by 1.38 percent at 10,959. The Nasdaq is green by 2.58 percent at
2,419 and the S&P 500 is positive by 1.93 percent at 1,141. Investors continue
to move towards safe haven gold as they flee riskier stock options. Gold
contract for December delivery is higher by 1.21 percent at 1734 per troy ounce.
Spot gold is moving higher at this point as well. Spot gold price per kilo is
higher by 774.83 at 55759.04 and spot gold price per gram is higher by .77 at
55.76. Camillo Zucari
No comments:
Post a Comment