Gold Prices Dive Then Rebound As Exchanges Trade Heavily Posted by Brian Ford on May 08, 2013
The gold spot price fell by about $21 per ounce during Tuesday’s trading session before bouncing back to $1470 per ounce Wednesday morning. At 8am Tuesday morning, gold started it’s descent from $1465 to just above $1440, where it remained for the rest of the day. Wednesday morning, however, gold spiked from below $1445 per ounce to a daily high of $1471 in less than two hours.
Gold market analysts attributed the front end of the wide range of price fluctuation to heavy institutional trading, followed by a Wednesday morning buying frenzy on behalf of household investors, who aided the bullion gold investment market as well as the certified gold market. The most heavily traded items on the physical gold market yesterday were American Eagle gold bullion coins (1/10th oz.), American Eagle gold Proof coins (1 oz.) and the MS62 Saint Gaudens gold coins.
A weekly survey of Certified Gold Exchange brokers, analysts and executives found that 62 percent of those surveyed projected gold to remain between $1470 and $1500 for the next week, 29 percent foresaw gold moving above the $1500 mark, 5 percent projected gold to fall to the $1470-$1450 range and 4 percent believe that gold will fall below $1450 within the next week. The poll is based on a three percent margin of error.
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