Gold Extends Rally to Three-Month High as Investors Renew Safe-Haven Trade (GLD:NYSEARCA)
22 Articles
22 Articles
Gold extends rally to three-month high as investors renew safe-haven trade (GLD:NYSEARCA)
Gold climbed to three-month highs after the US Treasury's surprise ramp-up in buybacks of long-dated government debt revived concerns over the dollar and pushed investors toward safe havens.
The prices of future gold contracts closed high, reaching the highest intraday level since mid-May, faced with tax concerns in the United States and with investors paying attention to possible new US Treasury interventions in the securities market. At Comex, metal division of the New York Mercantile Exchange (Nymex), the gold with delivery scheduled for October closed at a high of 0.35%, at US$ 4,661.4 per ounce. Gold reached its highest level i…
Gold rallies past three-month high as Treasury buyback and weak dollar boost demand
Gold prices reached a three-month peak on Monday, boosted by a weaker dollar and Treasury policy. Technical buying and strong ETF inflows also contributed to the precious metal's significant gains.
The price of gold rose on Monday to its highest level in more than three months. This is due to the announced intervention by the US Treasury Department in the government bond market.
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