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NYGoldPrice

March 26, 2009 – The NY gold price fluctuates on a daily basis based on supply and demand for the metal in the United States. Today this NY gold price is increasing for the second day in a row as American investors are beginning to fear a deeper recession in the near future as a result of the latest negative economic data showing that our economy contracted at a 6.3% rate in the last quarter of 2008. Financial markets around the nation are experiencing heavy fluctuation, and this is leaving many Americans wondering what will be the best investment to own this year. Gold for example has seen a 21% surge in investment demand so far, which has pushed the metal to a 6.1% gain for the year. Future market movement will most likely be based on the strength of the United States Dollar because usually fiat currencies and precious metals run in adverse directions. Market analysts and investors are eagerly awaiting the day when the NY gold price surpasses its all-time record high of $1033.90 per ounce set on March 17, 2008.

During the midday trading hours, the daily market spot price is currently sitting at around $938.50 per ounce, an increase of $4.70 or .50% for the trading day and a decrease of $53.20 or 5.36% in the last 30 trading days. The latest market projections are saying that the metal could see substantial gains if investment demand strengthens and remain steady throughout the year. Can gold surpass gains seen in other markets?

Arthur McGuire

Senior Staff Writer – GoldPrice.net

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