Tuesday, June 30, 2009

Today in Gold: Tuesday, June 30

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:

"Commodity prices hit amid growing risk aversion"
Author: Sara Lepro
Website: Google.com

Main Points: Reports of dipping consumer confidence in June combined with a strengthening dollar resulted in a lower gold price today. Gold for August delivery fell $13.30 to finish the session and month at $927.40 an ounce.

Analysis: It was the first gold drop in six sessions. However, considering the majority of increases have been moderate, this bad day for the yellow metal nearly wiped out the recent good.

It's been said that gold was stuck in a range between $920 and $940 an ounce. Piercing that barrier was believed to have been a sign that it had overcome that range. However, if today is any indication, gold is indeed range bound.

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