GOLD climbed to a two- month high on Friday, breaching 960/oz for the first time since late March as the dollar’s slide boosted buying of the metal as a currency hedge
GOLD climbed to a two- month high on Friday, breaching 960/oz for the first time since late March as the dollar’s slide boosted buying of the metal as a currency hedge.
Silver prices posted the biggest percentage gains among precious metals, however, climbing to a nine- month peak of 14,83.
Spot gold touched a high of 961,30/oz, the loftiest price since March 20. It was at 956,95/oz by early evening, up 0,4%. US gold futures for June delivery settled up 7,70 at 958,90/oz on the Comex division of the New York mercantile exchange.
Simon Weeks of Bank of Nova Scotia said the majority of gold’s gains were dollar related, with investors “buying hard assets as opposed to hard currency.”
“Physical (buying) has been OK, but I expect a big increase in the open interest on the long side on the Comex,” he said.
