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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