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Price of gold under pressure

Despite the fact that gold would appear to be very much in demand, if you read the newspapers and the popular press, the price has fallen by 1.6% today from $1055 to $1038. This is the largest fall since July and many people believe it is linked to a reduction in the value of the dollar and reduced inflows into the exchange traded funds market.

For many people gold has been the one saving grace in what still are, and have been for some time, very difficult investment markets. The concern is that with many investors sitting on large paper profits if the price continues to fall it could pick up pace as more and more investors decide to cash in their chips and sit on the sidelines until the markets settle down again. Some people believe there will be a further increase in the price of gold in the medium to longer term, after a short term correction, but the enthusiasm with which gold has been greeted over the last couple of years is certainly beginning to wane.

The next few weeks will be vital for the future direction of the price of gold and many investors and analysts alike will have their eyes glued to their screens.

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