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Daily Gold Bullion Market Update

June 29, 2009 – The gold spot price has just recently surpassed its short-term resistance level of $935 per ounce as a weaker United States Dollar and higher crude oil prices are creating speculation that inflation is slowly but surely growing in our economy, thus several top market analysts are releasing new gold bullion forecasts that are predicting an impressively bullish future for the metal. Since the beginning of the year, gold bullion forecasts have been mixed, with several market analysts predicting a bullish future and others predicting a bearish future, yet the latest economic data is shifting economic sentiment, thus we’re seeing more positivity in the market. Some of the most interesting gold bullion forecasts said that the spot price of the metal could climb between $1200 and $1500 per ounce before the end of the summer. Although these projections are a bit speculative, we could see spot prices climbing into those levels if the United States Dollar shows significant weakness and a large-scale shift occurs away from dollar-backed assets in exchange for precious metals. If this large-scale shift actually occurs, the spot price may spike considerably as it did in the late 1970’s during a similar economic environment.

By around 3:45 PM Eastern Standard Time, gold bullion prices are falling slightly as many investors are weary about invesing markets in the short-term, thus the lower demand has brought the metal down to $937.50 per ounce, a decrease of .18% for the day, yet an increase of 1.13% in the last year.

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer -

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