It's moving up very fast now, already 3.5% higher. The CPI-report meant more inflation than expected, and oilprices are also rising.
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QuoteDislikedLONDON, Feb 23 (Reuters) - Rising security concerns, higher oil prices and inflation worries may propel gold prices towards $700 an ounce over the coming days, analysts said on Friday. Spot gold <XAU=> was higher at $676.70/$677.40 an ounce by 1120 GMT from $676.60/$677.30 late in New York on Thursday. Earlier this week the precious metal hit a nine-month high of $682.10 and since January 5 it has gained about 12 percent.
Traders expect initial resistance at $688.50, the highest since May 19 before the key psychological level of $700.
"It's not just oil, people are looking at geopolitical tensions as well," said Simon Weeks, director of bullion at ScotiaMocatta. "There are a lot of people buying into the commodity story."
Tensions between Iran and the United Nations and ongoing conflict in Iraq have helped boost gold, seen as a haven when security risks are rising.
DislikedThere are some big sellers around 683-685 for the time being. Gold should surge towards 710 right after these sellers' inventories are drained.Ignored
DislikedI don't do fundamentals but I think the drop will be short lived.
Usually when other markets are looking rough gold is a good choice so people buy, this pushes up the price.Ignored
DislikedGOLD will not go anywhere, substancial, till next month, guaranteed. Then up. Based upon perpriatory method.Ignored
DislikedGOLD will not go anywhere, substancial, till next month, guaranteed. Then up. Based upon perpriatory method.Ignored
DislikedThat's comforting, you guarantee it. ha ha ha. what does that really mean? I make a trade based on your proprietary method and if I lose, You pay me for my losses? No I don't think so, and that makes your "guarantee" hollow, worthless, meaningless, infantile, and rediculous.Ignored