Gold Price Powers Forward
Gold prices have settles at a 14th record high in Gold Futures this month. The weak dollar and fears of inflation combined with currency debasement have pushed up silver along with gold futures.
The prices for December rose by 0.6% to end at $1,344.71 an ounce on the Comex division of the New York Mercantile Exchange. It is now expected to hit $1,350 per ounce soon.
Worries about the tumbling dollar have even pushed up copper future prices to a 12 month high and oil prices to a five month high. However investors are definitely focusing more on gold. Investors are also anxious about the potential developments with the International Monetary Fund and World Bank fall meetings that may weaken the dollar even more.
The Federal Reserve may also resume special measures to protect the flagging economy and investors are hedging their bets with gold futures.
The US Labor Department is also expected to announce little recovery in September jobs data on Friday.
A private sector report has shown that employers cut 39,000 jobs last month. So the dollar will further weaken after the announcements making gold a better investment than ever before.
Written by
Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
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