Gold soared to new record highs yesterday as the safe haven commodity soared by over $24 buoyed by a weakening Dollar, as investors looked for an alternate financial instrument to keep their funds in. Gold reached an all-time high of $1534.2 per ounce, just some moments ago in the wake of the European session, as it broker the all-time high record for a 3rd successive session. US Gold futures also reached all-time highs today, at $1529.3.
Silver also gained in the past few sessions, closing in on the high experienced some days ago of $49.77 per ounce. The commodity gained over $3 in yesterday’s US session, as it rallied from levels of $45.50 to trade around the $48.50 levels throughout the Asian session. The current price of silver is around $48.14. Resistance is seen at Monday’s high of $49.77, with strong support around $46.88 – the 55 Hour moving average.
The commodities were helped appreciate following a dovish outlook from the Federal Reserve further to Fed governor Ben Bernanke’s speech.