Current Gold Prices January 2010
The current gold prices January 2010 are still rising. The weakening of the US dollar has helped this, but that is not the only factor. The economic factors that were released by the American government are in part the reason that gold has continued to increase in value.
The gold market is the safe haven investors have always turned to when economic problems has been encountered. The dollar has lost 9.1% of its value over the past year while the value of gold has risen 41%. With lending rates in the US still low and retail sales taking another dive, gold is the safe investment.
Right before the holiday season of 2009, gold started to dip. Many analysts were calling an end to the gold bull market and were warning that the bear was approaching. Since the low on December 22, 2009, gold has rebounded back from below $1090 to over $1150. Today, the last bid on the New York spot gold market was at $1141.50 on January 14, 2010.
With this fresh buying frenzy of gold, the analysts have retracted their previous statements of a bear market. Some are even predicting current gold prices to rise above $1500 by May or June of 2010. When the experts see-saw like this, it reminds me that analysts are in the guessing profession and anything they say should be taken with a grain of salt.
Gold prices will continue to rise until the American economy is back on track and the dollar gains strength. Until then, the current gold prices January 2010 will continue its upward movment.