Gold prices today (Tuesday) snapped out of a streak of 9-month lows.
price of gold
After being on track for a third-straight session gain, gold prices today (Wednesday) plummeted following afternoon announcements from the U.S. Federal Reserve.
A few years ago I issued a gold price forecast of $5,000 an ounce. I still believe that's a realistic price target - and now prominent gold mining experts are following suit.
Rob McEwen, founder and former chair and CEO of GoldCorp, said in a recent interview, "I'm a long-term believer in gold and I see it ultimately getting to $5,000 an ounce."
Gold price forecast, Aug. 29, 2014: Buying gold during the late days of summer has proved to be a winning trade for most of the last two decades, according to Bloomberg.
Indeed, September is historically gold's best month. Over the last 20 years, the yellow metal has seen an average gain of 3% in September.
The SPDR Gold Trust Exchange-Traded Fund (NYSE Arca: GLD), one of the two major gold ETFs that trade in the United States, dropped more than 1.2% last week, from $124.77 to $123.18.
Gold prices today (Thursday) climbed higher in morning trading, on track for global gains across three consecutive trading sessions.
Two themes have dominated gold news the last few months, and both have opposite effects on gold price.
Gold prices today (Wednesday) were up a whopping $18.70 an ounce (up 1.43%) as of 12:30 p.m. EDT. Spot gold traded at $1,307.30 an ounce after closing at $1,288.60 an ounce in the previous session.
Gold prices are up for the year, but fell 3.3% in July.
Gold started the month off strong as geopolitical conflict rocked parts of Europe.
May 19 was a big day for gold prices worldwide - perhaps the biggest this year. On that day the powerful European central banks announced the signing of the fourth Central Bank Gold Agreement. While that may sound harmless, it’s anything but.
Watch for the gold spot price - the price of gold for immediate delivery - to make dramatic moves as the Federal Open Market Committee (FOMC) meets this week.
It has already had a volatile morning ahead of the meeting's Tuesday kickoff.
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.
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 shifted higher today (Monday) following recent record lows – our up-to-date gold price chart shows that in late May, gold tumbled to its lowest level in four months, to $1,243.00.
Gold for August delivery was up 0.1% at $1,253.90 a troy ounce on the Comex division of the New York Mercantile Exchange. London gold was up 0.1% at $1,253.77 an ounce.