Friday, April 11: Gold has eked out further gains today and is trading near its highest in 2 and a 1/2 weeks. It is on track for its best week in a month after equities fell sharply and due to renewed concerns that the U.S. Federal Reserve continuing their unprecedented ultra loose monetary policies.
Spot gold was steady at $1,322.10 an ounce by 11:37 GMT, after three straight days of gains. The precious metal is up 1.4% for the week, having hit a high of $1,324.40 on Thursday –its highest since March 24.
Gold looks set to continue its recovery from last year’s battering due to still robust demand from India, China and increased safe haven demand due to much more pronounced geopolitical risk. The technicals have reversed and they and momentum are favoring gold again.
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Chart courtesy of resourceinvestor.com