Play all audios:
Loading...
"The Moody’s credit downgrade of the U.S. was a major source of uncertainty and investor angst to start the week and subsequently proved to be a bullish influence on gold as safe-haven
money flows picked up considerably," wrote analysts at Sevens Report Research in Tuesday's newsletter. Gold for June delivery tacked on $47.50, or 1.5%, to $3,281 an ounce on
Comex, after climbing 1.5% Monday. Prices were poised to settle at their highest since May 9, FactSet data show, but remained well below their record intraday high above $3,500 from April
22. Gold is still in a "technical pullback within a long-term uptrend with formidable support between $3,050 and $3,180," the Sevens Report analysts said.