Gold prices continue to run higher.
The price of spot gold has topped $1,900 U.S. for the first time since 2011 and is now close to an all-time high. The price of gold is rising as geopolitical tensions flare and concerns over global growth intensify, sending many investors fleeing to safe haven investments such as gold.
Gold is heading for a seventh weekly gain, the longest stretch since 2011, while silver is poised for its biggest weekly advance in four decades. Gold may reach an all-time high this week. Spot gold rose 0.7% to $1,900.19 U.S. an ounce last Friday. Prices are nearing the record $1,921.17 U.S. set in September 2011.
Comex gold futures for August delivery rose 0.4% to settle at $1897.50 U.S. Spot silver also advanced Friday, bringing gains over the last week to more than 17%, the most since 1980. Swiss bank UBS Group AG raised its near-term forecast for bullion to $2,000 U.S. by the end of September.
Precious metals funds saw investment inflows of $3.8 billion U.S. in the week to July 22, the second-largest weekly amount ever, Bank of America Corp. (NYSE:BAC) said. While spot gold prices are about $20 U.S. away from the all-time high, some futures contracts on the Comex are already trading even higher.
