Gold At Two-Month High On Hints Of Stimulus, Strong Commodities

Forbes reported that gold closed at $1,641 an ounce, at the the highest level in two months. Strong euro, commodities and continued hopes at monetary easing from the U.S. Federal Reserve have aided gold to break out of the upper end of its summer range.

As quoted in the report:

As August starts to wind down, the market remains focused on the potential for more monetary easing from the Federal Open Market Committee, several traders said. There is speculation by some traders that policy-makers will undertake further easing measures as early as next month.

Sean Lusk, gold and silver analyst with Ironbeam, commented:

We’re finally almost busting out of the range we’ve been in the last few months. A lot of that has to do with the euro currency moving higher this morning.  The stock market is a little supportive, oil is breaking up to $100 and grains are rolling. The whole commodity sector is pushing higher.

Click here to read the full Forbes report.