Gold price undergoing a pullback

Gold Investing News reports gold price dipped slightly on Friday last week.

Gold is undergoing a pullback after topping $1,000, said Peter Spina, an analyst at GoldSeek.com. “$1,000 was a strong technical barrier and it was played by many trader-technicians,” he added.

U.S. bullion dealers say the demand for gold and silver coins and investment bars so far during 2009 is perhaps the strongest they have ever seen. Investors are snapping up physical metal amid ongoing worries about other financial investments, the health of the global banking system and fears about inflation down the road due to fiscal-stimulus efforts.

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