The latest quarterly report shows that gold increase in value.
This increase in value was gold’s strongest quarterly showing in over two years. Additionally, the level of value for gold is predicted to remain steady in the short term.
For the month of September, as part of the third quarter report for 2012, gold increased in value by 5%. This increase in value was the largest monthly increase in value since January of 2012. In January gold increased in value by 11%.
Consequently, for the third quarter in 2012 the value of gold increased by 10.6%. This increase in value is gold’s most significant quarterly increase since the second quarter of 2010.
Not surprisingly, September is generally the month in which gold typically has its greatest gain in value. Records spanning 43 years indicate that the median average for the increase in the value of gold in the month of September, has seen a 2% increase.
Typically, the worst month of value for this precious commodity is the month of March. Records indicate that, on the average, gold performs at a loss of 3% for this time frame.
Additionally, for the third quarter, the value of gold performed better during the last five weeks of the quarter. During this time frame the value of gold rose by 5.1%.
At the end of trading on Friday, September 29, 2012, gold has decreased in value by .17%. Per ounce, gold was valued at $1767.89.
Overseas, gold in terms of the euro, has increased in value by 14%. In comparison this is slightly higher in increased value over the comparison of gold to the dollar. In addition, the value of gold in the European market has been on the rise in value for 12 straight years.
In comparison to the rupee, gold reached a record high in mid-September. This record high was achieved because of India’s high usage of gold in the manufacturing of jewelry and other trappings. However, following this record high the value of gold plummeted by 4%. This was in response to the vacillations of the rupee currency.
In regards to the increased value of gold, forecasters are predicting that gold will remain at the current stable level. However, with the release of the jobs report this week, this precious commodity along with other financial indicators may fluctuate either up or down depending upon the news that is released.
Most analysts feel that gold, for the moment, will not climb much higher than where it is at currently per ounce. Given the day-to-day economic variables and news that is released, it appears that predicting the value of gold is a wild guess at best.
However, Afshin Navavi, MKS Finance, seems to think that gold will reach a level of $1,900 per ounce by the end of calendar year 2012. If this level of value is achieved it will bring the value of gold just below the record high level that was achieved in 2011.