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Indonesia News Portal for Traders | Financial & Business Updates

26 September 2024 02:19  |

Gold Pushes To Another Record

Another day, another record-high close for gold prices -- with the front-month futures contract settling up $2,659.20 an ounce, a 0.3% uptick for the day.

Gold continues to find new upside, with futures having settled higher for six consecutive sessions. Prices are expected to rise further, says Peter Cardillo of Spartan Capital Securities. Cardillo maintains a short-term price target of $2,700 an ounce for gold, potentially rising to $3,000 an ounce longer-term.

Factors supporting gold includes war in the Middle East and China's economic stimulus measures, says Cardillo, although other less-concrete factors are also at play. "Momentum buying [is] feeding on itself," Cardillo says. SPDR Gold shares edgedown 0.1%.

Source: Marketwatch

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