Gold soared to a new six-year high and gold futures target a fifth weekly gain today as expectations of a Federal Reserve interest-rate cut this month solidified and Mideast tensions ramped up.
Gold also got a boost after remarks published this week by billionaire Ray Dalio, founder of the world’s largest hedge fund, who recommended adding the yellow metal to portfolios. He said that central bank policies are about to cause a “paradigm shift” in the markets.
August gold was up early Friday on Comex after advancing 0.3% Thursday and gaining 1.1% so far this week. Currently, the August contract is at $1,436.90, up $8.80 as gold targets fifth weekly gain. Continue reading →