Gold Hits $1,000 and Could Move Higher

(CEP News) - Gold prices hit the key psychological level of $1,000 an ounce on Friday morning, and traders are now eyeing the March 13 highs of 1,033.90.

Since hitting session highs, however, gold prices have fallen back slightly, but the momentum is still bullish for the precious metal. Comex gold continues to hold major gains, and is up $20.20 to $996.70.

Mike Glaser, futures broker at LaSalle Futures, said that a strong European session helped support gold prices. He added, it could only be a matter of days before gold hits new all-time highs.

“The momentum isn’t slowing down,” he said. “The way prices are moving I think we could wipe out last year’s highs.”

Neil Mellor, currency strategist at Bank of New York Mellon, said that as uncertainty of global growth continues to intensify, more investors will move out of currency markets and into gold.

“Right now not a lot of currencies look very attractive and I think that is helping gold prices,” he said.

In the last few weeks, gold has hit new highs in the euro, Canadian dollar, Australian dollar and pound.

WTI crude oil is down $2.10 to $38.08, while ICE crude oil is trading down $1.70 to $40.29.

Meanwhile, ICE RBOB gasoline futures are up $3.34 to $109.86 and Globex natural gas is down $0.01 to $1.26. Heating oil at the ICE is up $5.91 to $123.30.

In the mining sector, spot gold is trading up $21.63 to $996.28 USD. In Canadian dollars, gold is up $32.00 to C$1258.07. Silver contracts at the CBOT are up $0.45 to $14.46.

Bloomberg’s index for base metals is down 3.62 points to 105.12. Wheat futures at the CBOT are down $6.00 to $525.00.

By Neils Christen, neilsc@economicnews.ca, edited by Sarah Sussman, ssussman@economicnews.ca

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Posted in Categories: Commodities, Economy, Releases, USA.

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