Gold for June delivery rose $2 to close at $679.40 an ounce on the New York Mercantile Exchange, its strongest closing level since Feb. 27. The contract is up $9.60, or 1.4%, from Tuesday's closing level. Regular metals trading on the exchange will be closed Friday and reopen Monday following the Easter holiday. "Gold prices continued their ascent, albeit at a slower pace," said Jon Nadler, analyst at Kitco Bullion Dealers. "Market watchers now believe that gold received a new lease on life by virtue of its passing over previous resistance levels and a close above $672 per ounce." "At least on the surface, it appears that gold is executing a de-coupling from oil (content near $64 and rising prospect of $60 in the cards), the U.S. dollar (weak but not terminal by a long shot) and from geopolitics (the Iran drama basically came and went without being the primary catalyst for substantial movements in the price of gold),"
Nadler said in e-mailed commentary. On Wednesday, the contract gained 1.1%, underpinned by weakness in the dollar and physical demand.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment