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

Gold may inch up in price gain for a second day as investors who are worried about the debt burden hanging over Europe and possible default by Greece rush to find safe havens in precious metals. News reports from Melbourne, Australia shows that at about 10.00a.m local time on September 14, gold had gained about 0.2% to reach $1,837.43 per ounce before settling for $1,836.97 at that early morning trading session.

The debt burden is weighing heavily on Europe as ‘’uncertainty pervades the entire European market’’ as noted by Natalie Robertson who is a commodity market… Continue reading

The month of August was good for gold as it again proved its worth as a safe haven for assets with its strong price appreciation in the face of unsettled global equity markets propelled by concerns about the health of the economy of the United States and the world in general and the burden of debt in Europe.

Gold gained $201 in August which translates to 12 per cent upward performance for the precious metal in the month under review. December gold gained $1.90 on the last day of the month to trade at $1,831.70 on… Continue reading

The price of gold continues on its hike to a new record-setting 1,607 Dollars an ounce. The Asian spot market price of gold climbed to a peak of 1,607.41 Dollars an ounce.

Analysts said the yellow metal is likely to climb back to higher territory and likely to create new highs during the day.

They added that investors are likely to remain on the edge until the US debt ceiling issue is resolved.

Analysts also attributed a wider risk-aversion trade that forced US and European banks to sell off their shares and concerns over Italian and Spanish… Continue reading

After setting record highs  for two consecutive sessions, spot gold edged down 0.3 per cent to  $US1,581.66 an ounce,  as dashed hopes for additional US stimulus  measures took some heat off, although the euro zone debt crisis and  uncertainties on US deficit talks continued to support sentiment

After a nine-session winning run  pushed the price to an all-time high of $US1,594.16 on Thursday,  spot  gold was on track for a weekly gain of 2.4 per cent.

Gold dropped from its record $1,594.45 after Federal Reserve Chairman Ben S. Bernanke said that he’s not prepared to take immediate action… Continue reading

PRICES to buy gold bullion came within a few cents of $1595 an ounce Thursday morning London time – a new wholesale market record and a 7.8% gain from the July 1 low.

Gold bullion also set a Dollar record in Dollar terms at Thursday morning’s London Fix, at $1592.50 per ounce.

Silver prices rose to $39.39 per ounce – 16.3% up in the period since July 1.

Stock markets and US Treasury bonds fell meantime, while the commodities picture was mixed, after US debt ceiling talks