Gold: Gold records new all time high second day in a row

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The value of the precious metal recorded a fresh all time high for a second straight day. The value of spot gold reached the value of USD1462.13 an ounce around 15:00 GMT time. Following the weakening of the US Dollar to a 14 month low against the Euro as a result of an expect interest rate hike tomorrow from the ECB the metal has once again shown its inverse correlation to the dollar and continued to record new highs. In addition to that the continuous turmoil in Middle East and South Africa bring oil price to higher level and Gold benefits from its safe nature.

Following the USD1462.13 an ounce high Gold dropped shortly after to USD1453.93 an ounce and has recovered from that low to reach back to the 1460 levels. During the last trading hours the precious metal appeared to have found resistance around 1460.80 as it failed to reach that level again.