2012-02-17

Gold Price Weighed Down by Dollar and Economic Data

The gold price tumbled $18.27, or 1.1%, to $1,711.60 per ounce Thursday morning after two key U.S. economic reports came in ahead of expectations.  The price of gold fell only fractionally in overnight trading, but accelerated to the downside after weekly jobless claims fell to a four-year low and U.S. housing starts reached a three-year high.  Strength in the U.S. dollar also pressured the gold price, as well as silver and the broader commodities complex.

The latest gold mining CEO to publicly discuss his forecast for the yellow metal was Mark Cutifani of AngloGold Ashanti (AU). As head of one of the world’s largest gold producers, Cutifani stated during the Company’s recent earnings call that the price of gold could “easily poke through $2,000″ per ounce in 2012 and thus reach a new all-time nominal record high. As for his average gold price estimate for the year, the Anglo Gold CEO gave a more modest range of $1,700 to $1,800 per ounce.

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