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.
current price of gold
- The Price of Gold Today and Where It's Headed
- Gold Prices 2014: Do What Goldman Does, Not What It Says
- Gold Prices 2014: What's Next After Tuesday's 2-Week High
- Why the Price of Gold is Headed to $2,000 an Ounce
That Goldman Sachs keeps calling for gold prices to fall in 2014 is looking more and more suspicious. It's not just that the investment bank has been spectacularly wrong about gold over the years.
While publicly advocating others to sell, Goldman is usually buying -- and vice versa.
Gold Prices 2014: Gold prices per ounce broke through $1,300 on Tuesday, ending the session at their highest level in two weeks.
June gold finished the day up $10.60 at $1,308.90 an ounce. Spot gold ended the session on a favorable note as well, up $12 at $1,309.50. The yellow metal is up 1.1% in April, and up 8% year to date.
The yellow metal's gains this year are tiring out bearish sentiment.
Meanwhile, over the last eight years, silver soared 790% before profit taking took some of the sheen out of the white metal. It is difficult or nearly impossible to find other investments that can boast those kinds of gains.
Despite the recent pullbacks and sideways trading in the metals' markets since mid-September, gold and silver are heading higher.
CIBC World Markets agrees and just turned more bullish on both commodities. The firm says both gold and silver are due for a seasonal bounce and investors should plunge into the sector now.
"We are about to head into the strongest month for gold performance, and indeed in looking at the next four months, investors could capture 56% of the annual gold gains and a whopping 66% of the annual silver gains by holding the metals over the period November to February," CIBC analysts Barry Cooper and Alec Kodatsky wrote in a note to clients.