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.
