(Bloomberg) -- Gold touched an all-time high as fund buying combined with speculation over a Federal Reserve pivot and geopolitical and financial risks...
Gold Climbs to Record on Mix of Fed Pivot and Geopolitical RisksBullion rose as much as 1.3% to $2,141.79 an ounce before paring gains, with Tuesday’s high topping the previous record of $2,135.39 set three months ago.
“The velocity and the speed was very sudden, very fast,” said James Steel, an analyst at HSBC Holdings Plc. “It didn’t seem to have a smoking gun.” Macro funds, which haven’t been active in the gold market until recently, were a new force of buying in gold’s rally. The latest CFTC data showed hedge fund and money managers boosted their net bullish gold bets as of Feb. 27 — although it’s worth noting that this group of investors added short positions roughly in line with new long wagers, pointing to uncertainty in the market, according to TD’s McKay.
“Speculation over a Fed rates pivot and continued geopolitical tensions keep gold shining,” said Ewa Manthey, commodities strategist at ING Groep. “We expect gold prices to trade higher this year as safe-haven demand continues to be supportive amid geopolitical uncertainty with ongoing wars and the upcoming US election.”Still, bullion has further to go to reach its inflation-adjusted peaks set more than a decade ago.
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