FXstreet.com (Barcelona) – Gold is currently at 1,124.60 after pricing 1,121.50 at the opening bell. Bullion is rising steadily and picking up pips to the upside. Price topped at 1,124.70 (just above March 9 highs) and seems to be struggling to break through.
The upleg move to visit higher quotes adds $4.00 an ounce and comes after a significant drop on March 3 from 1,144.00 area (7-week high). In past days, market no longer buoyed gold prices as money-holders fled towards higher yielding products, forcing the precious metal to under perform over the past 4 trading days.
However, if we take into account lows in yesterday's season ( 1,108.00 zone) and where the price has been sent to at present (nearing 1,125.00), interestingly enough, price has regained more than $17 an ounce in just 12 hours of trading.
