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Daily Gold Bullion Market Update

July 7, 2009 – Gold bullion prices have rebounded today from last week’s losses that were being triggered by a stronger United States Dollar Index and rising stock indexes, yet today it appears that these stock indexes are tumbling, thus increasing safe haven demand for investments that trade inversely to dollar-backed assets. Historically, gold bullion prices tend to increase when dollar-backed assets face trouble, and that is exactly the type of market movement that we’re seeing today as more wise American investors are purchasing bars and coins as opposed to stocks that are being considered risky investments to own at the moment. The latest short-term market projections for gold bullion prices are forecasting that the spot price of the metal could trade within $880-$980 per ounce based on the current tug-of-war between inflationary and deflationary expectations. This being said, it’s very important that we keep a close eye on the United States Dollar Index because the fiat currency and gold may continue trading in their common inverse directions, thus we could potentially determine the short-term future of gold bullion prices simply by tracking the strength of the dollar.

By around 2:20 PM Eastern Standard Time, the majority of gold bullion prices for the most popular bars and coins are increasing slowly but surely as safe haven demand in the United States has risen once again, thus pushing the metal up to $927.40 per ounce, an increase of .27% for the day, yet a decrease of 2.85% in the last 30 days.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

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