Gold is extending its short-term uptrend this morning
The gold futures contract gained 0.51% on Wednesday, as it further extended its short-term uptrend. The price of gold broke slightly above its January 8 local high of $1,613.30, before closing the highest since the first half of 2013. Investors keep buying the safe-haven asset despite record-breaking stock market and rising U.S. dollar.
Gold jumps to the highest level since February 2013, around $1620 area
Gold reversed an early dip to the $1604 area and jumped to fresh multi-year tops during the mid-European session on Thursday.
The precious metal added to its recent strong gains and continued gaining some positive traction for the third consecutive session on Thursday amid mounting concerns about deepening economic fallout from the coronavirus outbreak.
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