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Daily Gold Bullion Update

September 23, 2009 - Gold bullion prices showed quite a bit of movement on Wednesday, but settled in the same price range as opening levels. Gold bullion prices are expected to climb above $1030 in the coming weeks, according to a recent Wall Street Journal article. Major stock indexes provided mixed returns, as the Fed's assessment of a "stabilizing" economy clashed with other data that shows a worsening recession.

The Dow Jones Industrial Average(DIJA) showed some promise in early trading on Wednesday morning but quickly gave up those gains and then some by the late afternoon. "Stocks have a tendency to trade erratically on Fed desicion days," according to Sara Lepro's Wednesday's article on Yahoo Finance. The Fed decided to leave its benchmark interest rate near zero for now, and many economists fear that a higher interest rate could be implemented soon. A higher interest rate could mean market saturation of US Dollars, causing a level of inflation not seen since the 1970s. Many stockbrokers are concerned that stocks have become overvalued, especially because of the economy's precarious status. The Dollar fell in value against other major currencies today, including the yen and the euro. Overseas markets dropped slightly, and crude oil dropped $3 a barrel to $69.13. Federally insured two-year bonds auctioned off this week also disappointed investors, with the yields maxing out at a less than 1% return.

Gold bullion is being used by many investors to shore up leaky portfolios that may have suffered in the last few years, and since 2001 the yellow metal has provided safety and profit for concerned investors. The gold bullion spot price is actively moving at, and at 5pm EST on Wednesday the Commodities Exchange(COMEX) gold price is $1008.40.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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