Gold rally unlikely to fizzle out; observers expect record highs ahead
MARKET watchers are expecting gold prices to hover closer to the US$3,000-per-ounce mark, following the commodity’s odds-defying rally despite interest rates and a stronger US dollar.
Already, prices of the precious yellow metal have hit new highs in recent days, on the back of escalating tensions in the Middle East.
Spot gold prices have been up about 1 per cent at the close of the Singapore market since April 13, when Iran launched a barrage of missiles and drones targeting Israel. In the US, gold futures are up 0.2 per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Kraft Heinz misses sales estimates as higher prices deter customers
Marriott boosts full-year profit view after mixed Q1 results
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand