Capital Gold Group Report: GOLD HITS 2 1/2 MONTH HIGH - RECORD HIGH IN EUROS

By Jim Wyckoff
7 April 2010, 3:16 p.m.

Comex gold futures pushed to a fresh 2.5-month high Wednesday on fresh speculative buying interest and building upside technical momentum. Ongoing investor demand for physical gold is also underpinning this latest rally. June Comex gold futures closed up $17.00 at $1,153.00. The precious yellow metal was able to score solid gains Wednesday, despite a firmer U.S. dollar index. That is yet another bullish near-term clue for gold.

Gold has also benefited from economic and financial woes in the European Union, which have pressured the European currencies and prompted more buying interest in gold as a hedge against those weakening currencies. There are ongoing concerns regarding Greece's ability to service its debt. Greek bond yields have risen sharply this week. In Euro currency terms, gold prices have hit a record high this week.

The London P.M. gold fixing was $1,142.00, compared to the previous P.M. fixing of $1,132.75.

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