The price of gold rose today after Goldman Sachs reported a quarterly profit that exceeded wall streets expectations. Gold prices rose as investor’s willingness to accept risk and a buying opportunity presented itself after a retreat in price.
With improvements in US corporation results from companies such as Goldman Sachs, riskier investments in commodities such as gold become more common.
Under normal circumstances, gold and the dollar move in opposite directions. When one is down, the other is up.
U.S. gold futures settled at $1,139.20, up $3.40
Gold demand in India dropped as jewelry makers in India and Dubai have an ample supply of gold on their hands.
The price of one ounce of Indian gold is currently Rs 50619.25, down 155.98.
Author: Abdullah Patel