Gold prices moved closer to its all-time high on Wednesday (August 25) despite relative firmness in the dollar. One ounce of gold currently fetches $1,238 in early evening New York Globex trade.

The price of gold is currently (August 5) just below $1,195 after it briefly touched $1,200 on August 4th. Gold prices have been on a rebound after more than a $100 downward correction from the all-time high in late June of $1,261.

Oil prices are hovering just below $80 per barrel, at around $79 for September crude delivery in Tuesday’s (July 27) early New York Mercantile Exchange trade. Still moving in sync with equities in the big picture, the price of oil is limited by continued reports of sluggish crude demand levels in the US.

The price of gold remains flat below $1,200 and not much above its 60-day low of $1,180 in mid-morning New York trade. The current gold price spot rate in New York is $1,190.70 per ounce after a closing price of $1,194.50 on July 22nd.

Even though the Euro and Pound have been strong against the dollar this week, oil prices have fallen below the $77 level in Wednesday morning electronic trading on the New York Mercantile Exchange.

It is a bit unusual, but gold prices are currently falling in line with US economic concerns, equity index drops, and dollar losses. Typically, gold is known as the “safe money” investment when there is economic uncertainty.

As analysts and investors await the Federal Reserve’s announcement on interest rates later Wednesday (June 23), oil prices are trading below $78 per barrel on the New York Mercantile Exchange.
Oil has been closing in on $80 per barrel recently, but the major catalysts for the slight midweek dip include a negative outlook in Europe and uncertainty with regard to levels of supply and demand of US crude inventories.
In late London trade, the price of a barrel of benchmark crude for August delivery is currently near $77.50, down 39 cents from …