Last night, the contract price of gold rose to its highest level in three weeks. Gold price surge came after the U.S. dollar weakened so that boosted demand for gold as an investment alternative.
At 13:41 pm New York time, the contract price of gold for June delivery on the Comex in New York rose 7.90 dollars or 0.5 cent that was in the position of 1523.30 U.S. dollars per troy ounce. This is the highest closing level for the most actively traded contract since May 3.
In the past year, the price of gold has increased by 28 percent. Gold prices touched record highs in the position of 1557.40 U.S. dollars per troy ounce on May 2.
Investors saw a decline in the currency markets. That's why they want to buy gold. Investors see gold as the safest alternative investment than US dollar. We're still bullish on gold prices.
Therefore, don't ever remove the gold from the list of your investment. Buy when prices fall, and sell when prices rise.
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