The fear factor across markets is like manna from heaven for gold bugs.
Both bullion and futures of the yellow metal breached the key $1,580 per ounce resistance on Monday before consolidating gains, although analysts said the $1,600 target seemed well within the market’s reach.
Gold futures for February delivery on New York’s COMEX settled up $5.50, or 0.4%, at $1,577.40 per ounce. It earlier reached $1,588.10, a peak since Jan. 8.
Spot gold, which tracks live trades in bullion, was up $10.38, or 0.7%, at $1,580.74 per ounce by 3:00 PM ET (20:00 GMT), after hitting a three-week high at $1,588.62.
Source : Investing.com