Gold prices could be set to take out their long-standing record

Gold prices could be set to take out their long-standing record

A technical reading may also be flashing a warning sign that the rally could lose steam. Gold’s 14-day relative strength index held above 70, a signal for some investors that an asset may be overbought and set to drop.

Gold

Spot gold rose 0.1% to $1,810.15 an ounce at 7:24 a.m. in London. Prices climbed to $1,818.02 on Wednesday, the highest since September 2011, the same month that bullion reached a record $1,921.17. Holdings in gold-backed ETFs are the highest ever.

Other Precious Metals

Silver gained 0.4%, platinum steadied, and palladium rose 0.7%.

Source: ©2020 Bloomberg L.P.

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