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Gold Price Tops $940 an Ounce after Unemployment Data Release

March 7, 2009

Gold prices declined for 8 straight days in the past 2 weeks, but rose to a little over $940 an ounce after news was released saying that the unemployment rate in the United States soared to the highest level in over 25 years. Stock and metal prices dropped steadily because many investors are sitting on the side lines waiting for good investment opportunity. Also many investors had to sell off gold to cover losses from other investments.

But the bad news released says that US economy lost 2.5 million jobs over the past 4 months, which led investors to jump back into gold as a safe investment. Of course, some people are still predicting much higher prices for gold, as much as $1,200 in the next 12 months.

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