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Gold price news: Gold is a top safe-haven investment. Even through the financial crisis in 2007, gold prices continued to rise for 13 years straight.
Then last year, the precious metal took a shellacking, ending down a steep 28%.
But 2014's gold price news has been much brighter.
"Gold has rebounded from late December into mid-March, tacking on about $200 an ounce, or nearly 17%," Money Morning Resource Specialist Peter Krauth said. "To a large extent, I think the bears were exhausted, and most (if not all) sellers had finally sold. So, gold was coming off a technical low and sentiment extreme around the $1,190 price range."
Here are some of the pressures molding the yellow metal on the market now, in a roundup of the latest gold price news…
Current Gold Price News
On March 31, gold suffered a six-week low, its price dropping below $1,300 an ounce.
Still, the temporary drop didn't bother well-known CEO and chief investment officer of Euro Pacific Capitol Peter Schiff.
Schiff said he expects gold to make a very aggressive comeback soon. His logic behind the prediction centers on inflation.
"Central banks around the world, particularly the U.S., are going to continue to create more and more inflation," Schiff said in a TV interview Tuesday. "If we have interest rates at zero and you have the central banks guaranteeing that if you hold on to the paper they are printing that you will lose money, that is a great environment for gold."
You see, when investors seek to protect themselves from inflation, they typically turn to gold. That's why the spot price of gold actually increased during the period of inflation caused by the 2007 financial crisis.
Note:The Fed's 2014 taper means volatility ahead. So we've outlined how to find profits in a volatile market – like triple-digit gains in just days – if you start with this strategy…
In 2007, many people were financially ruined because they were invested in paper: cash money, stocks, bonds, etc. Stocks can lose more than 50% of their value in a single trading day, while gold remains valuable through virtually everything, and it has practical uses, unlike stocks and bonds.
Other major headliners in gold price news are the developments in the Ukraine-Russia conflict. Rising tensions in the east pushed gold to a two week high on Tuesday of $1,314.43. Spot gold rose 0.2% to $1,311.10 an ounce, after gaining 0.9% in Monday's session.
"After the Crimea annexation, I think people are more and more concerned that the rest of the Ukraine territory will be in danger somehow," Hong Kong's Wing Fung Financial Group head researcher Mark To said to Reuters on Wednesday. He added that these pressures would drive risk aversion and push up gold prices.
In gold mining news, Osisko Mining Corp. (OSK) agreed to sell a 50% stake in its mining and exploration assets to Yamana Gold Inc. (YRI) on April 2. The move is an attempt to block Goldcorp Inc.'s (G) $2.51 billion hostile offer for the company.
Osisko stated that Yamana is to become an equal partner in all of its mining and exploration assets. Meanwhile, Osisko plans to continue its operations in Canadian Malartic, and all other projects, with a joint operating committee between the companies.
"This is a low-risk entry into a new, mining-friendly jurisdiction," Yamana Chairman and Chief Executive Officer Peter Marrone on an April 2 conference call.
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