Friday, April 3, 2009

Today in Gold: Friday, April 3

Each weekday, Cash4Gold will troll through the web's gold banter and post some of the bigger or more interesting stories. Following is a run-down of today's features:

"Gold prices extend losses, close below $900"

Main Points: Gold for April delivery fell $11.60 to finish the day at $897.30 an ounce today, falling below $900 for the second time in a month.

Not surprisingly, Wall Street continued to rally. The stock market has increased 20% since hitting 12-year lows in early March.

"An increasing number of better-than-expected readings on the economy, combined with worldwide efforts to fight the financial crisis, have filled investors with a sense of optimism that has been absent from the market for some time."

Analysis: It was a bad week for gold, falling on four of five days. In previous weeks, it has been difficult to gauge the metal given that it's rises and falls seem to alter with the day of the week. This is beginning to look like a trend. More conservative projections have been trickling in of late, and they are beginning to look more and more valid.

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