Gold extended gains above 1500 with the benchmark Comex contract rising to a 2-day high of 1510.7. While bargain-hunting was seen across the complex after the selloff last week, gold trading has been particularly resilient since last Friday. Indeed, gold is also viewed as a safe asset as sovereign debt conditions in the European periphery returned to focus. Apart from debt problems in the 17-nation region, the US is facing huge deficit problems, triggering reserve managers to diversify away from USD holdings. This offers another opportunity for gold.
Here is the original:
Gold’s Resilience Supported by Central Bank Purchases
Leave a Reply
You must be logged in to post a comment.