Last price118.55Prev Close118.30
Day Low118.01Day High119.26
52 Wk Low115.9452 Wk High165.80
The U.S. Federal Reserve pixie dust resulted in higher gold prices this week, much as it lifted silver prices and stocks.
Gold buyers reacted enthusiastically to the Fed's announcement on Wednesday that it would not reduce its $85 billion a month bond purchases, known as quantitative easing, or QE for short.
Gold prices leaped the most in 15 months, after the Fed's "no taper" move, to about $1,365 an ounce.To continue reading, please click here
Why Gold Is Going Down Today
Precious metals investors once again are left to wonder why gold is going down today as the metal hits its fourth consecutive day of declines.
In trading Thursday, gold for December delivery finished the session down $33.20, off 2.4%, to $1,333.60 per ounce. Gold prices on Thursday fell more than $30 in a matter of seconds.
The carnage continued today (Friday). Gold slipped to a five-week low on Friday, off roughly $72 an ounce over the week, marking the yellow metal's worst week since June.
The reasons why gold is going down today are partly related to some trading drama that occurred with gold yesterday...
How Gold, Oil, and Syria Really Mix… Plus "3 Strikes Against Apple"
The markets are very complicated at the moment, which is why now's an ideal time to reach into the Money Morning Mailbag and address your concerns.
The goal here is simple: To provide understandable, actionable, and, of course, profitable answers to your thoughtful and extremely insightful questions.
Higher Gold Prices in 2014
Gold prices today continue to bounce up and down based on speculative headlines.
The "Smart Money" Is Buying Hard-Hit Gold Stocks Now
Part of the recent move up in gold prices to more than $1,400 an ounce and the uptick in gold stocks is a response to the crisis in Syria.
However, there is a lot more occurring just beneath the surface than geopolitics.
But investors would never get that sense from Wall Street, which is still in the midst of its perennial "hate gold" campaign.
Jim Rogers on Why Oil and Gold Are Headed "Much Higher"
Legendary commodity investor Jim Rogers sees some serious problems stemming from the situation in Syria and the end of the Fed's generous flow of money.
In an interview with Reuters on Tuesday, Rogers said "oil and gold will go much, much higher" due to a "market panic."
"I own oil, I own gold, I own things like that and if there is going to be a war, and it sounds like America is desperate to have a war, they're going to go much, much higher," Rogers said. "Stocks are going to go down, some of the markets that I'm sure are already going down, commodities are going to go up. I'm not particularly keen on war, I assure you, but it sounds like they want it."
Rogers continued, "No matter how well the plans are made, strange things happen in war and who knows what unintended consequence will come."
Equities have been hit hard over worries of a war with Syria. The rout started late Monday following comments from U.S. Secretary of State John Kerry that the United States has a moral obligation to act on Syria's chemical weapon attacks. Selling picked up steam Tuesday with the Dow plunging 170 points.
Gold Price News Today
Today the gold price seems to be taking a break from its recent run-up, but not before briefly pushing past the psychologically important $1,400 level.
Following a 1.8% surge on Friday, gold prices hit $1,407 in trading in Asia early this morning (Monday) and then pulled back to $1,390 before settling at about $1,395 an ounce.
Gold Bugs Will Love What This Chart Says About Gold Prices
There's no shortage of catalysts pushing gold prices higher, but now gold bugs have another...
A technical analysis of the chart depicting gold's rocky ride over the past nine months shows that gold prices have only just begun to break out to the upside.