Gold on a six-year high

ANOTHER drop for markets during midweek proved good for gold.
Gold on a six-year high Gold on a six-year high Gold on a six-year high Gold on a six-year high Gold on a six-year high

Staff Reporter

Comex gold futures rose to as high as $1554.50 an ounce, a six-year high, and last traded at $1551.10/oz.
 
Spot gold was weaker at $1543/oz.
 
"With its price having broken through the $1535 resistance, it looks like we have left that period of weakness behind, indicating further upside to come," IG senior market analyst Joshua Mahony said.
 
"Therefore, while we could see further short-term downside, any such downside would be seen as a retracement of the rally from $1493, unless that prior low is broken."
 
The big gold miners in Toronto rose a collective 3.3%, with Kirkland Lake Gold rallying another 5.1% to reach a new all-time high.
 
Market leaders Barrick Gold and Newmont Goldcorp both hit 52-week highs in New York.
 
Base metals were mostly higher, with zinc and lead each adding more than 1%. Teck announced lower zinc production due to a mechanical issue at one of its operations.

 

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