Gold futures hit fresh record above $4,200 an ounce, silver rallies back towards $52
Gold futures are surging once again, hitting yet another record high as investors seek to ride the bullion’s momentum amid buying from central banks on concerns about fiscal deficits and a weaker dollar.
The front-month gold future on Nymex jumped about 1.5% on Wednesday, to trade at $4,226 an ounce. The precious metal is now up 60% year-to-date, and has gained 14% in just the last month.
However, this has left the rally looking very extended, according to the 14-day relative strength index, a closely watched momentum gauge. Gold’s RSI is currently 79.5, where a figure over 70 is deemed to represent overbought territory.
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