A Global Currency Blog

Gold prices remained steady last week as the dollar strengthened. The price of gold closed at $1630.80 per ounce last Friday, a gain of nearly one percent for the week.

It was a rough week for the European economy. Last Friday, the continent was hit with a number of credit downgrades. France lost its AAA rating and Italy, Spain and Portugal were all cut by two notches. The weakening economic conditions should have supported gold coin prices, but the fact was the hit was big enough to push the dollar higher. Because the dollar typically trades inverse to the price of gold, the large move in the dollar caused the gold price to decline.

Despite the decline on Friday, gold still had enough support from sessions early in the week to close higher overall for the week.

With the economic conditions getting worse across Europe, the outlook for gold looks bright. We can help you protect your savings against the continued economic threat of default from European sovereign debt. For more information about investing in gold, and to get a free copy of our Investment Gold Guide, please visit our website at www.aglobalcurrency.com.

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