Well, it didn’t take long for the price of gold to rebound back. Gold prices surged back up on European debt news. Investors were taking advantage of the 3% price decline in gold from Monday and continuing to put their money in the yellow metal to act as a safe haven for them.
Gold for December delivery was up $14.60 at $1,827.90 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,838.90 and as low as $1,794.80 while the spot gold price was adding $11, according to Kitco’s gold index.
Monday saw a huge sell off for gold, as the news that Greece was more than likely going to default sent investors scurrying to sell their gold to cover losses in other stock areas.
However, it seems as though investors turned right back around a used the price drop yesterday to invest in the yellow metal again, driving the price back up and solidifying gold as one of the best safe havens for money during these economic times.
We should continue to see gold prices spike up and down in a pretty volatile manner. However, gold will probably hit the $2,000 per ounce price range before the year is over.