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Gold Hits Four-week High (GLD)

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By Paul Ausick Published

The price of gold is rising again and has today reached a four-week high at $1,648/ounce. Since reaching its peak, the yellow metal has retreated somewhat, trading at around $1,639/ounce currently.

The rise is being attributed to increased demand for bullion from China and jewelry-making gold from India. The rise is also counter-intuitive because the dollar has been gaining strength against the euro as the Eurozone debt crisis continues to push the single currency down. Typically the dollar falls when gold prices rise as demand for dollars as a safe haven falls.

The SPDR Gold Trust (NYSE: GLD) is up a bit more than 4.9% since the beginning of the year.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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