Gold Prices Hold Below $1,600 per Ounce

Gold prices have not closed at over $1,600 per ounce since December 13.

MarketWatch reports that gold for February delivery dropped $1.20 on the Comex to close at $1,596.70/ounce.

However, following news of North Korean leader Kim Jong-Il’s death, gold appeared to be rebounded. The precious metal was trading at $1,599.30 per ounce in Singapore.

Bloomberg notes that sport gold hit a two-month low of $1,590.97 on December 15. Gold has dropped 1.5% this quarter, although prices are still 13% higher than last year.

Platinum was up, gaining nearly half a percent to trade at $1,417.25 per ounce.

-Israeli Diamond Industry

GOLD PRICES HIT HIGHEST LEVEL SINCE SEPTEMBER 21

Gold prices hit their highest level since September 21, 2011, on Monday.

Against a background of concern over Italy’s debt crisis, US gold climbed $35 and closed at $1,791.10 per ounce.

The Economic Times quoted analyst Hou Xinqiang saying that gold “should have no problem rising above $1,800 in the short term.

” JP Morgan analyst Michael Jansen, meanwhile, predicted that 2012 would see average gold prices of $1,869/ounce.

-Israeli Diamond News