The Latest Gold Price and Previous Forecasts

30.12.10 / Gold Prices / Author: / Comments: (0)
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The price of gold experienced a new peak after the Q2 rally that took the price up to $1265.1 in June 21, 2010. However, the price went down from $1265.1 to $1156.7 in July 28, 2010). When Q3 started, the lowest rate is $1156.7. It only means that the price of gold in Q3 continued to rise and it did not go down from $1156.7.

From the start of August, the price of gold experienced another rally rising from the lowest rate in Q3 which is $1156.7 to $1315.8 in September 30, 2010. The gold price experienced almost 13.8 percent increase or $162.1.

The latest gold price as of December 29, 2010 is $1412.0. If you will look closely at the rates 2 days before, the price of gold will be $1384.10 and $1406.20, respectively.

Based on the forecast for Q4, analysts said that the price of gold experienced hike from September until October of 2010. The U.S. Dollar Index continues to weaken and the US Fed released news stating that they will implement a further push in the prices of commodities. Analysts forecasted that 2010 Q4 will see a continuous rally until the end of 2010 and the prices will see a technical correction that will start at the end of December 2010. The analysts expected a new peak that will be between $1420 and $1450.

The rate that they predicted is almost the same as the latest gold price. However, the expectation of the analysts can still be achieved since it is not yet the end of December. Gold prices can still change. It can still go up or it can soar down at the end of December. Overall the market expectation for the price of gold will be above $1400 and it will continue to go up until January of 2011.