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Gold Prices per Ounce

Gold prices per ounce today rise per ounce on after news that U.S. gross domestic product rose at a 1.3% annualized pace in the second quarter – well below market expectations of 1.8%,the gold price per ounce today $1,623 was also rise by the fact that President Obama and House Republicans remain unable to forge an agreement to raise the debt ceiling. A warning economic recovery and ongoing worries over sovereign debt – in not only Europe, but now the United States – continue to support the gold price per ounce.The debt by the U.S. government paired with the bad report on the GDP pushed investor anxieties higher which resulted in the stock indices moving lower.

This policy helped to support safe haven appeal of precious metals like gold and silver. The dollar strengthened versus the euro and the British pound and gold futures jumped higher. Gold futures even hit another intraday high at one point in the session. Precious metal gold closed out the day green by .93 percent or 15.00 at $1631.20 per troy ounce or gold prices per ounce up to from $1,623 . Gold futures continue to rise an intraday high of 1634.90 per troy ounce yesterday as well.

On Thursday, the gold price held firm as U.S. debt ceiling discussions remained at the forefront for financial markets. The price of gold initially fell toward $1,605 per ounce, but rebounded back into positive territory as the broader markets extended its losses in afternoon trading. With the slight advance, the gold price is on pace for its fourth consecutive weekly gain, and sits just below its $1,626 all-time high.

Other the world’s biggest gold producers were in the news Thursday following their release of second quarter earnings reports. Barrick Gold (ABX), Goldcorp (GG), and Agnico-Eagle Mines (AEM) each announced earnings which were largely in-line with market expectations on the back of buoyant gold prices. However, analysts were discouraged by production shortfalls and/or higher than expected capital expenditures. As a result, ABX, GG, and AEM finished the day lower by 0.8%, 3.7%, and 5.7%, respectively.