Gold Retreats from Last Week’s High
October 19th, 2009 Posted in Oil and Precious Metals
Last week saw the highest Gold prices ever, just over $1,070 an ounce. Yet by the end of the week Gold was $13.50 off its peak, less than $3 up on the week. The Gold fell Friday for a 3rd session, trading below $1,050 an ounce as the U.S. dollar rebounded against the EUR, reducing Gold’s investment appeal. The metal jumped 19% this year as a weaker Dollar and rising government debt spurred inflation concerns.
Gold was little changed around $1,050 per ounce on Monday, pressured by a firmer U.S dollar, as the precious metal took a breather and consolidated gains from last week’s rapid climb. Gold price is probably going to consolidate around its current level, as investors shift from Gold to the Crude Oil and stock markets. Bullion prices may fall further this week, since stronger U.S dollar reduces the investment appeal of physical assets investors have been buying as a hedge against inflation.
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