Gold Rises Following BRICS Summit
Gold futures settle up 0.8% to $2,734.90 an ounce, climbing back toward the all-time high and making it 9 out of the past 11 sessions gold has finished higher. Trader reaction to the BRICS Summit, held in Kazan, Russia this week, is helping to support gold.
The push to create an alternative system to the current prevailing international payment system SWIFT is seen as supporting gold, says Alex Ebkarian of Allegiance Gold. The nations involved in BRICS are interested in using gold as backing. Leading gold ETF SPDR Gold is up 0.7%.
Source : Dow Jones Newswires