Gold Silver Reports (GSR ) – Gold prices has reached a 6.5 month high. Spot Gold prices went up by 0.42% to trade at 1,290.20 an ounce, while gold futures went up $10 higher to close trading on Thursday at $1294.80 an ounce.
Gold futures went up by as much as 0.4% to trade at $1,300.04 per ounce on the Comex. This is the highest price the precious metal has seen since June of last year. Spot prices for the metal were not far behind, going up as much as $1,298.60 per ounce.
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Preiss also cited the possible global economic slowdown, possible mistakes by the US central bank as well as the rising debt that the US has as reasons for investors turning to gold.
George Gero, an analyst at RBC Wealth Management, stated that the price of gold going past the $1,300 mark was a key psychological barrier that was crossed, which could lead to an increase in buying.
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He stated that investors currently had serious concerns about the stock market, the economy as well as politics, because of which they were looking for investment havens. Gero also stated that if investors’ concerns continued to grow, the price of gold could even touch $1,350 per ounce.
According to Saxo Bank’s analyst Ole Hanson, gold is overbought at the moment on most metrics.
The price of the metal needs to consolidate, however, currently with the speculative long still in the process of building even further, the market could look at even higher prices.
Hanson stated that if the fourth quarter’s trend of a slump in the dollar, yields as well as equities continues, gold could actually shoot up even higher and even touch $1,380 per ounce.
