The price of the precious metal defies interest rate concerns.
(Photo: AFP)
Zurich Gold is enjoying renewed popularity despite investors anticipating ever tighter monetary policy from the US Federal Reserve. The price of the precious metal was around $1,840 per troy ounce (around 31.1 grams) on Thursday. This is the highest value since November last year.
Craig Erlam, market analyst at brokerage house Oanda, derives further upward potential for the price of gold from this. The precious metal has surpassed the technically important $1833 level, which has been “an amazingly strong resistance” for the past six months.
Should the gold price settle above this level, the chances of further price increases are good, according to Erlam. The precious metal could rally towards the round mark of $1900 an ounce and break out of a 12-month sideways movement.
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue
Read on now
Get access to this and every other article in the
Web and in our app free of charge for 4 weeks.
Continue