Gold futures rose Wednesday to close near a quarter-century high as traders
Gold futures rose Wednesday to close near a 25 years high as traders eyed mixed trading in the U.S. dollar and due to the latest raise in interest rates by the Federal Reserve, which signaled more rate hikes to come.
"Once again gold has defied all the naysayer's and lukewarm bulls who continue to predict major tops or severe corrections only to see gold charge back up," said Peter Grandich, editor of the Grandich Letter.
Gold for June delivery rose $6.40 to close at $578.60 an ounce on the New York Mercantile Exchange's COMEX division after a $579.50 high. The contract hasn't traded at levels this high since Feb. 6, when it touched $583.
April gold futures added $6.30 to close at $573.30 after a $574.50 high.