Gold extends gain to $50, nears all-time record close
Rate cuts? Failing growth? Huge deficits? Political instability? Geopolitical fears? Take your pick, gold has them all. The week started off with a slump on data showing China didn't add to reserves (at least officially) for a second month but that hasn't been enough to derail the trade.Gold is up $51 to $2422. With a few more dollars, today's trade could be the all-time high closing level. The May record intraday high was $2449, which probably isn't reachable today but is definitely in the crosshairs for the next week or so. This article was written by Adam Button at www.forexlive.com.
Rate cuts? Failing growth? Huge deficits? Political instability? Geopolitical fears?
Take your pick, gold has them all. The week started off with a slump on data showing China didn't add to reserves (at least officially) for a second month but that hasn't been enough to derail the trade.
Gold is up $51 to $2422. With a few more dollars, today's trade could be the all-time high closing level. The May record intraday high was $2449, which probably isn't reachable today but is definitely in the crosshairs for the next week or so. This article was written by Adam Button at www.forexlive.com.
