Spot gold on Monday touched a fresh 17-year high of $461,70 a troy ounce on strong buying of the metal, despite a lower euro, traders said.
At 10.45am, gold was quoted at $461,35/oz, up $2,55/oz from its previous close. The euro was last at $1,2129 from the unit’s previous close of $1,2160.
“Gold is increasingly looking like a one-way bet, despite the lower euro. A lot of the gains in the metal are on the back of fund-related buying. There is no selling that is coming in at these levels, which is bullish,” a Switzerland-based trader said.
“The next big number for gold is $462/oz and the market has already attempted to move there once this morning. The gold market is looking very, very good.
“I’m very bullish about gold and the metal could move to the $480s/oz or the $490s/oz,” he added. — I-Net Bridge