The targets of $600 to $625 are more and more a reality
US gold futures jumped more than $14 higher Thursday, with strong investment and physical demand for the precious metals revived after prices drop to a three-week low in the previous session.
"This market is not close to being finished for higher prices," said John Person, president of National Futures Advisory Service.
Gold for April delivery ended up $14.30, or $2.6%, at $566.10 an ounce on the New York Mercantile Exchange, having earlier climbed as high as $568.40. Prices closed at under $554 on Wednesday, the lowest since Jan. 18, after dropping by nearly $20 an ounce in Tuesday's session.
"The targets of $600 to $625 are more and more a reality and mostly justified as concerns on inflation, geopolitical pressures in the Middle East and now with rates at comfortable levels, central bankers are stuck in a rock and a hard place," said Person.