Gold has caught a quick bid and broken through this week’s highs. Prices jumped $9 to $1262 in a flash.
The rise breaks the 38.2% retracement of the late-May swoon and points to a test of $1267 or $1273 if the gains are held. Gold has been able to shrug off the latest round of US dollar strength.
Gold daily
The gains come as US trading opens but European demand could be the culprit. Ultra-low yields in the core and negative deposit rates make gold a more-attractive trade.
