Gold closed up nowadays as investors seem confused as to which way gold is heading and if the gold commodity price is headed upwards, downwards, or sideways. Yesterday gold closed at $963 a troy ounce and nowadays it closed at $966. Gold is traded in units of 100 ounces and trades below the base symbol GGC. Today's obtain, yet, was not sufficient o offset yesterday's loss of $20 an ounce. To recap, gold started the week at $978 then rose to $983 and then tumbled to $963 followed by a slight crawl to $966. This implies in four days of trading gold has yielded a loss of $12 per troy ounce. Will this trend continue? It is difficult to say.
Some investors are shocked and saddened at this loss which comes just soon after recent news accounts that China is acquiring substantial quantities of gold as a hedge against its fears that the US dollar is going to continue to decline in value. Furthermore, there is talk in the International financial markets about moving to a currency other than the US dollar as a basis of valuing and trading commodities. Some have recommended gold. Therefore, there are high expectations that gold is about to take off in an upward pricing trend. Hence the confusion and disappointment with today's price news.
However, 1 commentator remains bullish on gold and is predicting that gold will reach a high of $7,000 per ounce. I do not see any others hopping on that bandwagon. At least not yet. Most investors seem almost paralyzed by this week's gold activities and do not know what to make of the price decline. It appears most investors nevertheless have a wait and see attitude as to which way the gold commodity price will go.
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