Current Gold Prices

Yesterday oil surged $4.68 on inventory data. Gold fell 40 cents to close at $948.80 an ounce. Wall Street received economic data prior to the opening bell that was better-than-expected but also signaled trouble ahead for the economy. The Commerce Department said personal spending increased by a meager 0.1% in February -- the worst performance in 17 months. The dollar edged higher, but hovered not far from record lows against the euro, after the US data showed that the inflation pressures were tamed in February - affirming expectations of further interest rate cuts by the Federal Reserve to boost a weakening economy. However, the weakness in the dollar is still exhausted, and with interest rates expected to fall further, the outlook for medium-term to long-term still looks bullish for gold.

The U.K.'s Office of National Statistics said today that its index of services rose 0.6% in January, with the growth mainly due to a significant increase in distribution. Another report released by the agency showed that fourth quarter productivity increased by 1.7% from the year-ago period. There can be a percentage of any commodity price.

Some due to geopolitical tensions or supply issues, but values are magnified by price increases due to monetary inflation. Historically, gold backed currencies prevented rapid expansion of fiat currency, thereby creating price stability. The main reason for this trend has been due to the weakening of the dollar value in the foreign market. Therefore, investors and central bank looked to gold as a safe haven of investment.