The price of gold today skyrocketed when news of more geopolitical tension hit headlines. The safe-haven investment tends to enjoy gains when fear is in the air.
After a disappointing 2013, commodities prices came roaring back, with returns for the first half of 2014 outperforming the S&P 500 by more than 4% and 10-year Treasury bonds by more than 6%.
With money flowing back into commodities, the market is finally trying to reverse the downtrend that we've been up against since 2011.
Gold for August delivery, the most actively traded contract, rose $4.50, or 0.3%, to $1,310.60 an ounce in morning trading. Spot gold gained $2.70 to $1,310.
Gold prices today (Monday) fell sharply by 2.3% for the biggest one-day drop of 2014.
U.S. gold futures for August delivery were down $30.70 at $1,306.70 an ounce - their biggest one-day drop since December. Spot gold fell $33.50 at $1,305.50 an ounce. The sell-off happened quickly following the Comex futures market open in early U.S. trading according to Kitco, suggesting a big sell order hit the futures market at that time.
The landscape of the gold market has been changing dramatically in the last decade in terms of the dominant gold-producing nations. For example, for nearly a century, South Africa held the top spot for gold production. But in 2008, China took over, and since then, South Africa has sunk down to the fifth spot.
Gold prices spiked today (Thursday), hitting a near four-month high in early trading. In the morning session, August Comex gold soared $20.20 to $1,355.50 an ounce, its highest level since March 19. Spot gold jumped $17.10 at $1,344.25.
Gold prices today (Wednesday) finished back over $1,320 an ounce after the release of the latest U.S. Federal Reserve minutes, and amidst turmoil in the Middle East.
The price of gold fell Thursday after stronger-than-expected jobs data showed that U.S. economy added another 288,000 jobs in June. Also weighing on the precious metal was a drop in the official unemployment rate to 6.1% - its lowest level since September 2008 - and the Dow Jones breaking through 17,000 points to set a new high.
Gold stocks are poised for an upswing.
Just recently, the European Central Bank (ECB) announced a new policy to promote lending and, ultimately, inflation in the Eurozone. The move sent investors flocking to precious metals like gold and silver. And a recent election in April saw the seating of a new government in India. On account of the platforms of these new leaders, the Indian press has indicated to expect a considerable decrease in import duties.
The current gold price as of July 1 represents a three-month high amid a weaker dollar and ongoing geopolitical tensions.
Gold price per ounce was on track for a fourth straight weekly gain today (Friday) - our up-to-date gold price chart reflects that the yellow metal is floating around its highest price since mid-April, achieved earlier this week...
Today, gold for August delivery was up $0.50 at $1,317.50 per ounce on the Comex division of the New York Mercantile Exchange. Spot gold price per ounce was nearly flat, down $0.10 at $1,317.25. The London a.m. gold fix is up at $1,315.25 compared to the previous p.m. fixing of $1,311.75.
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Investing in gold is a great way to diversify investment portfolios, hedge against a financial crisis, and even protect against inflation. But with so many different types of gold to buy, finding the right gold investment can be a difficult task for retail investors.
Money Morning's Resource Specialist Peter Krauth is a 20-year veteran with special expertise in precious metals.
Gold prices posted a best one-day performance in nine months yesterday (Thursday) with a 3.4% surge, and they are following it up with another gain today. Our up-to-date gold price chart shows June's rally after May's record lows.
As of mid-day today, gold for August delivery was up 0.12% to $1,315.70 an ounce on the Comex division of the New York Mercantile Exchange - about a $42 increase on the week. Spot gold per gram price was up to 42.24.
Spot gold in afternoon trading tore through the $1,300 an ounce level to $1,313.40, gaining $34.90, or 2.73%.