The Gold Economy

The price of gold rebounded on Monday after it suffered losses last Friday. Gold traded higher Monday on the hope that the leadership of the European countries are striving to find solution to the protracted debt crisis the continent of Europe has been struggling with and as at today, Tuesday, the price of gold remains steady as it continues to gain momentum amidst it rising demand globally.

On Monday, gold got a boost as it gained about 2% upon the recognition that many European policymakers are putting more efforts into solving the debt crisis which had… Continue reading

Gold gained 1.5 per cent on Thursday for the fifth straight trading day to attain $1,750 per ounce on major commodity markets around the world as investors saw the European debt deal as a positive tone towards easing the region’s debt burden.

The EU deal provides for banks to waive 50 per cent of Greece’s debt burden in order to make the outstanding loan manageable for the financially troubled EU nation and the Eurozone leaders have also agreed to an expanded bailout measures for the region in addition to recapitalizing the region’s hard-hit banks. This EU… Continue reading

In a bid to regain its safe haven status, gold attain one-month highs in major markets around the world on Wednesday as it rose above $1,700 per ounce in the wake of increased demand for the yellow metal occasioned by apparent delay in resolving the debt burdens hanging on many countries in the Eurozone and the US consumer data that reveals consumers’ positive sentiment.

Gold seems to be regaining its traditional role as a safe haven from wealth erosion and as a contrarian gauge after plunging as much as 20 per cent of its $1,923.70 per… Continue reading

Gold went down in price by 1.1 per cent on Friday as it settled at $1,635.80 while it lost $17.40 per ounce as recorded at the COMEX division of the New York Mercantile Exchange possibly showing the distastes of investors for Europe’s debt burden as Fitch Ratings downgraded the credit ratings of Italy and Spain.

Gold closed the day with a price loss despite the commodity markets that opened early Friday with the hope of economic recovery occasioned by improvement in the US employment data for September which exceeded the expectations of analysts and had signalled… Continue reading