Gold on 3 month high

ByVictoria

Spot gold climbed 1.6% to $4,590.51 per ounce by 10:19 a.m. EDT (1419 GMT), earlier touching $4,604.18 — its highest since May 15. U.S. gold futures rose 1.7% to $4,647.00.

“A big factor, of course, is technical… next step is $4,700 if this momentum continues, but also I think it’s been very much driven by a drop in the U.S. dollar,” said Bart Melek, global head of commodity strategy at TD Securities.

“Gold call option demand has risen sharply amid renewed demand for global macro-policy hedges, creating a mechanical price amplifier to both the upside and downside,” Goldman Sachs said in a note.

Spot silver gained nearly 2% to $69.43 per ounce, platinum climbed 3.8% to $1,897.36, while palladium rose 0.6% to $1,342.30. All metals are set for a weekly gain.

Source – Reuters

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    More Info!

    RSI (Relative Strength Index) – is a technical indicator intended to chart the current and historical strength or weakness of a stock or market based on the closing prices of a recent trading period.