US gold futures continued to rise Wednesday due to permanently falling U.S. dollar
US gold futures continued to rise Wednesday due to permanently falling U.S. dollar and closed at their highest level since March 18.
The most active June gold contract settled $2.30 higher at $436.70 an ounce on the New York Mercantile Exchange?s Comex division.
Dealers said commodity funds, consumers and locals covering short positions were the main buyers through the day and helped steer June prices steadily higher from an early low around $433 to a one-month high of $437.40 late in the New York morning.
The move brings June gold's gains for the past two days to $7.70 since Monday's close and has steered prices above the 100-day moving average for the
first time since March 18.