It was reported last week that gold prices have climbed in New York.
According to Bloomberg, last week gold climbed as other equities tanked internationally. Even though the precious metal silver has fallen, gold is still being sought as a safe-haven with the financial crisis.
U.S. Treasuries were up due to investors flocking to government securities due to the worldwide fallout from the market.
Even though gold has experienced a 17% drop in October, the largest drop since March of 1980, both gold and silver are being predicted as “bearish” by analysts internationally. Silver prices fell 2.2% to $9.295 an ounce last week. Additionally, the euro, last week reached a 2-year low of $1.2497. This is following the record-high of $1.6038 July 15th. As a result, gold is expected to do well as global demand has been reduced on most commodities and raw materials. The majority of global gold refiners are operating at full capacity.
Analysts warn investors to be patient with gold investments. It is predicted that gold may trade down to $600 an ounce before increasing in order to adjust for the value of the dollar.
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