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Why Today's Gold Price Is So Low Right Now

today's gold price

As it turns out, Black Friday's best sales were neither in electronics, clothing, or gadgets. Instead, they came from today's gold price.

That's because on the biggest shopping day of the year, gold prices hit a new six-year low.

Closing at $1,055.90 per ounce on Friday, Nov. 27, on the New York Mercantile Exchange, gold's popularity seemed to also hit a new low since the February 2010 price of $1,045 per ounce.

But as you'll see, while the near-term reasons for a lower gold price are familiar ones, the reaction to these low prices was not typical...

Why Gold Is Up Today

2014 Gold Commodity Prices

Gold prices jumped $28 to a six-week high Thursday while the Dow fell more than 200 points in afternoon trading.

February gold ended the day up $25.80 to $1,264.50 an ounce. Spot gold finished up $28.10 at $1,265.50.

Precious metal traders cited short covering, bargain hunting, and technical buying behind gold's gains. Unquestionably propelling the yellow metal's ascent Thursday was the steep intraday 217.42 point, or 1.33%, Dow plunge.

This news out of India is really what was driving gold prices...

The QE Helps, But Expect Higher Gold Prices Regardless

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.

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