We have seen the price of gold make some gains recently this month. Last week India’s gold finished at Rs 16,805, down rs 75 per 10 gram from Thursdays closing. The decrease in price is partly a result of a decrease in gold buying from ornament makers.
Healthy Financial Habits has been notorious for making close gold price predictions in recent month for United States gold prices. We will now extend our gold price predictions internationally by covering India’s gold prices. As we see it, gold is still a hot commodity. The price of gold will continue to rise in the coming months. Just how much will the price of gold rise this week? We are estimating that gold prices will end around Rs 17,900 up Rs 95 by Friday.
In the United States gold had a slow down in the month of December after signs of an improving economy gave boost to the dollar and drove the price of gold down. Statistics showed that jobless numbers were down and new home sales were up. In addition retail sales were also higher than anticipated.
The month of January has proven to be a disappointment for some optimistic economist. Just as we believe that thing are turning around new jobless numbers are released by the department of labor. The resulting higher than expected jobless numbers caused many who had an optimistic outlook to scratch their head. The month of December showed 85,000 jobless claims and a stagnant national unemployment rate of 10%.
As economic conditions are erratic, many people are continuing to turn to gold. After dropping to a two month low in December gold has rebounded and appears to be headed forward with upward momentum.
Author: Allen Dukes