Gold Rises $32 then Falls on Stornger Dollar & ADP Report

Gold Mining Companies Trade Lower - 3rd Feb 2010

The Gold price once again drops by $4.66 to $1,109.65 as the gold mining companies traded lower and failed to boost the investments tied to the gold price. The Gold price witnessed a market boost increase of about $32 over the past 2 days and this was the best 48 hour rise in the last 2 months. The Gold market price was not able to move any higher over the next 24 hours to top the 48 hour rally and witnessed a fall due to the stronger U.S. dollar and a better than expected ADP employment report.

The downfall of the Gold price over the past week came even though a positive report on the rising price of Gold by Deutsche Bank was issued. The investment report predicted that the Gold market price will level out around about the $1,150 troy ounce area in 2010 and average $1,250 troy ounce through the year of 2011.

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