Breaking: Gold price surges above $1,780, new multi-year high amid end-of-quarter flows

Gold prices have hit a new multi-year high above $1,781 as money managers rush to adjust their portfolios ahead of the end of the month and quarter. The previous metal has leaped from its trading range around $1,770 to current levels in a rapid move.

The next level to watch is $1,795, which was the peak back in late 2012. The psychologically significant level of $1,800 is also getting closer. The bigger prize is the 2011 zenith of $1,911, which is still far off. 

Support awaits at around $1,764, which was the daily low, followed by $1,740, which provided support earlier in June.

Gold is in high demand amid the coronavirus crisis. Central banks have lowered interest rates, making the yieldless precious metal more attractive. Perhaps more importantly, XAU/USD is benefiting from massive bond-buying schemes by the Federal Reserve and also the European Central Bank and others. Investors and speculators are flooding into gold. 

More Gold shines on specific weekdays and seasons, but beware round numbers – Interview with Phil Carr

Highest since 2012

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