Monday, August 28, 2017

Gold for December delivery hit a new intraday high

Gold for December delivery hit a new intraday high of $1,313.30 a troy ounce on the Comex division of the New York Mercantile Exchange today--its highest level since the US presidential election. "You caught a group of buys there," says Ira Epstein, a strategist at the Linn Group. "Gold is spiking because the central bankers really didn't do anything," he says. Many investors and analysts had been looking for clues about future interest rate increases from last week's Fed meeting in Jackson Hole, Wyoming. Some attribute recent dollar weakness to the lack of specifics from Yellen and ECB President Mario Draghi. A weaker dollar makes gold more affordable to foreign buyers.