The gold price rose to its highest level in more than a year on Thursday as investors seek a safe haven after the US dollar dipped to a three-year low against a basket of six major currencies.
The precious metal rose as high as $1,370 during the trading session before dropping six dollars, but still trading in the green compared to the previous session. The 2016 high was $1,374.91.
“Gold is benefiting tremendously from the weaker dollar,” said ETF Securities analyst Nitesh Shah, as quoted by Reuters.
“With traders’ base case scenario to sell the dollar at all costs, gold prices should remain well supported on dips and could be poised to move even higher on the next US dollar wobble,” said Stephen Innes, APAC head of trading at OANDA…. more
Ezekiel 7:19 They will throw their silver into the streets, and their gold will seem like something filthy. Their silver and gold will be unable to save them in the day of the LORD’s wrath. They will not satisfy their appetites or fill their stomachs, for these were the stumbling blocks that brought about their iniquity.