Spot gold traded up 1.9% at about $1,938.11 per ounce after earlier trading as high as $1,943.9275 per ounce. Those levels eclipsed the previous record high price set in September 2011. Gold futures settled up 1.9% to $1,931.00.
“While we think gold will continue to be supported by rising geopolitical tensions, in our view the primary drivers of the gold price are its negative correlation to real interest rates and the dollar. We think these three factors, in combination with limited supply growth as miners continue to restrain capital spending, will drive gold prices higher,” UBS chief investment officer Mark Haefele told clients Monday. Read the complete article HERE.
