Buy Gold

Learn how to buy and sell gold in our online guide to gold investing
Subscribe to RSS feed
Gold News | Gold Investing | Scrap Gold | Buy Gold Bars and Coins | Buy & Sell Bulk Bullion | Sell Your Gold | Gold Forums
Tuesday, January 22nd, 2019 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

GOLD NEWS: Weekly Update – Market Review Week Ending 13th January 2012

Gold Continues New Year Rally as US Economy Turns Mixed

Gold continued its New Year rally, though dipping from the week’s highs of around $1662 set on Thursday to close the week at $1638.70, a rise of 1.4% on the week.

The gold price struggled to make headway on Monday and Tuesday, as early season company reports in the United States seemed to point to a better corporate climate and a meeting between Germany’s Merkel and France’s Sarkozy showed a hardening of attitude toward the Greek debt problem.

However, as the week progressed, economic figures from the US showed a mixed macroeconomic background developing in contrast to the better climate that had been foreshadowed by the last couple of months’ economic releases. Weekly jobless claims edged back up toward 400,000, retail sales numbers for December were on the disappointing side, and the trade deficit widened to over $47 billion in December.

On the other side of the Atlantic, rumours that Standard and Poor’s, the rating agency, would downgrade the credit ratings of Eurozone countries came to fruition on Friday. The only country unaffected by the move was Germany. The ratings of France, Spain, Italy, Portugal and Austria were all lowered, and all other Eurozone countries put on alert of further downgrades. Though this happened after the market close, the move on France’s rating was conducted during open hours. The lack of immediate follow through saw the gold price drift a little through the day.


Key levels for gold see good support at $1605, and resistance developing at $1645 and $1662.

Looking for a precious metals provider that sells gold coins and bullion (including junk silver)? Click here to visit our favorite provider (FREE SHIPPING!).

© Copyright 2019, Buy Gold