Barrick Gold (NYSE:ABX), Goldcorp (NYSE:GG) and Newmont Mining (NYSE:NEM) have all moved into positive territory as the trading session went on today, with spot gold prices moving up to $1,259.90, or $5.80 an ounce.
Gold prices had been down in the earlier part of the day, as mixed economic news kept things mostly level.
It seems the announcement Ireland would in fact be bailed out would ultimately move the price of gold up, as the euro strengthened and U.S. dollar fell in value.
Gold may be ready to surge again after the market has digested the news China is going to battle inflation and the Federal Reserve implement another round of quantitative easing.
Although opposing factors in gold prices, it seems the inflationary move by the Fed is weighing more on gold than any other element now, and that will drive prices, along with the growing realization Europe is far worse off than believed, and as Greece has revealed, may still be hiding the levels of deficits existing in the regions.
Barrick was trading at $50.08, rising by $0.31, or 0.62 percent at 2:10 PM EST. Newmont was at $60.74, gaining $0.40, or 0.66 percent. Goldcorp was moving to $46.02, increasing by $0.28, or 0.59 percent.
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