Gold breached the $1,900 threshold at yesterday’s close to post the highest level not seen since February. Continuing to benefit from the weaker US dollar, Gold is gaining traction on what is now seen as a narrowing of real purchasing power as defined by the perceived increase in inflation relative to a decline in the Dollar’s value.
Today, gold opened lower on a slight uptick in bond yields and some profit taking ahead of key US economic data releases due ahead of the long weekend.
COMEX Gold for June delivery opened $1,896.80 down -0.23% (+7.30% MTD). COMEX Silver for July delivery opened at $27.77 down -0.12% (+7.31% MTD)