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Hello my name is Chuck Dougherty and this is the Spot Gold Prices Daily Wrap-up.
The Spot Gold prices for Monday the 3rd of March saw Gold prices opening at around $1,341.40.
Gold bull's finally busted through and then settled right on, that $1,350 price point
showing a surge in buying still being fueled by safe haven demand. The bad part of course
is that they were unable to bust through the $1,360-$1,361 resistance level and could not
reach higher than the high of around $1,354.10 which prices hit right around noon US eastern
time. We ended the trading day at around $1,350.00 which resulted in another gain in the price
of gold of around $8.60.
One thing of note here is that gold managed to finish up, not double digits but still
a decent gain and this was in a day that saw the release of data showing an improvement
in the manufacturing sector which should have worked against it. Not to mention a slightly
stronger dollar index which ended higher for the day right along side of gold instead of
inversely as it usually does. Why? Well, although the US dollar and our economy both are driving
factors when it comes to gold prices, there are also many others as well that have nothing
to do with the United States' economy at all that can also push gold one way or another.
Two of these are safe haven and physical buying demand as we have already seen this year.
Thank you for watching this is Chuck Dougherty and this was the Spot Gold Prices Daily Wrap-up
for March 3rd, 2014.
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See you in the next Gold prices episode! Until then, take care.