Gold Futures Reach Their Record High

Gold futures reached their highest level since November uncertainty over the Greece’s debt situation remained strong among investors. Gold futures contract for April delivery gained 0.6 percent or $9.80 to settle at $1,759.30 per ounce on Comex division of the New York Mercantile Exchange. The respective contract touched the intraday high of $1,763.80 per ounce and was moving in a bullish rally for the three consecutive sessions.

In opinion of most analysts the gold is at its overbought level, moreover the most concerning part was that the gold appreciated despite stronger greenback whereas the precious metal is always negatively correlated with the US dollar.

The dollar index DXY which measures the US dollar’s performance versus its six major rival currencies advanced to 78.791 on Thursday as compared to 78.925 on Wednesday’s North American trading session.

Other metals also moved in direction of the gold as the silver’s futures contract for March delivery gained 1.1 percent or $0.37 to settle at $34.16 per ounce. Copper futures for March delivery fell 1.6 percent or $0.06 to $3.78 per pound.

Platinum futures for April delivery surged 0.4 percent or $6.70 to $1,629.90 per ounce while palladium for March delivery gained 1.6 percent or $10.95 to $707.65 per ounce.


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