Gold Spot Price Surpasses $1,200 to End Week Posted by Brian Ford on April 10, 2015
The gold spot price is ending the short week on a high note, as early morning trading pushed the per-ounce price of the safe-haven metal as high as $1,211 per ounce. As of 12:30 EST Friday afternoon, the gold price was $1,206.90 per ounce, a 1.1% increase for the trading session.
In the last 30 days, the gold spot price has increased 4.5%, or $51.80 per ounce. Today’s gold price is approximately 8.5% lower than today’s date in 2014, and gold market analysts believe gold’s next move could depend on the level of support it finds above $1,200 per ounce.
The gold price has been suppressed lately due to a stronger U.S. dollar, but demand for physical gold is up compared to demand seen in 2014. Many investors have engaged in “bargain hunting” as they believe gold’s long-term prospects are positive due to rising government debt and the Federal Reserve’s plan to raise interest rates as early as June.
Additionally, some investors have been buying physical gold to cover the “short” positions they took when the Certified Gold Exchange projected a pullback in the gold spot price in 2011. With interest rates poised to rise this year, Certified Gold Exchange analysts have stated that any interest rate increase could signal the start of a new bull market for gold and other precious metals.
To claim your free copy of the Certified Gold Exchange’s latest special report, Gold & Silver Smart Moves in 2015, or to inquire about buying precious metals directly from the Certified Gold Exchange, call (800) 300-0715 today and discover why CGE has been “America’s Trusted Source For Gold” for over 20 years.