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Spot gold prices as strong as ever this week

Release Date: 
Friday, September 24, 2010

Spot gold prices as strong as ever this week

Sep. 24, 2010

The latest unemployment data along with a weakening U.S. dollar have helped push gold prices to record levels.

On Thursday, many observers were disappointed by Labor Department figures showing that the number of people filing for first-time unemployment benefits rose for the first time in nearly a month. For the week ending September 18, 465,000 workers filed for unemployment.

In contrast, only 453,000 people did so the week before, indicating that while a recovery is technically considered to be underway, job creation is lagging substantially.

The effects could be seen in various markets on Thursday. For example, the Dow Jones Industrial Average was down only a few points in late morning trading as stockholders basically found themselves treading water.

In the precious metals markets, a Reuters report noted that spot gold was holding its own at $1,290.10 late Thursday morning. Spot gold prices have set several new records in recent days, and Thursday's strength indicated that there is little profit-taking going on.

The wire service added that spot silver prices - at $21.11 Thursday morning - are also now approaching their highest level since 1980.
 

This news article is independently provided by Brafton and does not represent the views or opinions of Goldline International, Inc. Although the information in this news alert has been obtained from sources believed to be reliable, Goldline does not guar­antee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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