Gold News

Gold shows sure footing on day of uncertainty

Today (October 9th) proved to be a good day to buy gold, as the precious metal rose in price in response to a weakening dollar.

The price of crude oil and crude oil futures both rose today, bringing gold with them as the prospect of increased fuel costs once more made gold an attractive safe haven investment prospect.

Investors were meanwhile kept guessing about the way prices will durably go, with eager anticipation building around the release of the minutes of the Fed's September 18th meeting.

Gold futures for December delivery rose $4.40 at $743.10 per ounce as uncertainty reigned and the dollar again fell away – a cheaper buy with its denominative currency falling, investors were driven to put their depreciating dollars into the precious metal.

Spot gold had fallen slightly down in yesterday's trade from the record highs above $747 achieved last week, but today saw the precious metal bounce back, showing its ability to consolidate just below its recent peak.

Details of the Fed's infamous September policy meeting are eagerly awaited by gold traders and many others – stock market players will adjust their own perceptions of the state of the US economy when it becomes clear what exactly sparked the Fed to chop interest rates last month.

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