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Daily Gold Bullion Update

April 23, 2009 – Gold bullion pricing is seeing some impressive gains today as physical possessions safe haven demand along with jewellery demand in India begins to climb significantly. Market analysts are still keeping a close eye on the inverse relation between gold bullion pricing and the strength of equity markets because short-term fluctuation may continue proportionately as the tug-of-war between risk-taking investors and safe haven investors continues. The metal is currently down 12% from its 11 month high of $1007 per ounce that was seen in February. There is currently some increasing speculation saying that the upcoming festivals and wedding season in India may push spot prices into the high $900 per ounce area, which may spark a larger rally into the metal as both short-term profit takers and long-term preservation seekers enter the market in order to maximize their investment potential, especially since the majority of other financial markets are dwindling at the moment.

By around 1:30 PM Eastern Standard Time, gold bullion pricing is certainly making precious metals investors a bit happier than expected, and the metal is currently trading at $905.90 per ounce, jumping up 1.71% for the trading session yet still down 2.18% in the last 30 trading sessions. This 2.18% slump may become surpassed within the next week if both the investment and jewellery demand continues to increase at the rate that it is currently moving. End of the year projections have said that $1500 per ounce is a possibility, and we never know when the spot price will begin to climb and not turn back.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer – Gold-Bullion.org

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