Gold prices continued to trend in positive territory today as gold retained its
luster in the midst of a stock rebound. Stocks began the day with positive
futures and the stage was set for a rebound. Investors on Wall Street were
feeling increased confidence that the plummeting stock trends observed yesterday
would motivate the Feds to initiate further quantitative easing. The Feds stated
that interest rates would stay exceptionally low through 2013 but did not give
indication that additional stimulus would be provided. Stock index composites
dropped lower initially and trends were choppy. As close finalized, the major
indices were trending green. The DJIA was higher by 3.90 percent at 11,231. Gold
contract remained higher as well. The safe have appeal of gold held strong as
the dollar dropped lower to the euro. Gold contract for December delivery was
higher by 1.74 percent or 29.80 at 1743.00 per troy ounce. Investors continued
to leave riskier stock options in the choppy and volatile market environment.
Spot gold continued to move higher as well at this point in time. Spot gold
price per gram was higher by .73 at 55.72 and spot gold price per kilo was
higher by 734.00 at 55718.21. Gold prices hit a record high today of 1782.50 per
troy ounce. Camillo Zucari
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