Gold price now within spitting distance of $1700 as € gold closes August at new all time monthly highs
Back on July 27th when the gold price was trading around the $1600 level we put out a piece titled “Gold price heading back towards $1700 in the next few weeks?” – and that is exactly what has happened.
As gold closed out the month of August it got as high at $1693 – just $7 shy of $1700.
Gold $ monthly:
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In $ terms gold closed out the month at its highest level since February this year, but in terms of €s gold has closed at its highest monthly level it has ever closed at.
Gold € monthly:
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And not to be outdone gold priced in Swiss Francs has also closed at the highest level it has ever closed at on a monthly basis.
Gold CHF monthly:
In terms of £ gold we’ve also got the best monthly close since February this year.
Gold £ monthly:
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It would be fair to say that the rally in the last couple of weeks seems to have caught investors napping and a run into $1700 territory this week is certainly on the cards. The next real challenge for the gold price will be around the $1777 level so we’ve got plenty of run left in this price move before any stiff resistance should be met.
A couple of months back many were saying that gold had now moved into a bear market. The fact that gold has just made two fresh all time highs on a monthly closing basis in €s and CHFs would suggest that after a few months of sideways action the bull in gold is well and truly back.
Related posts:
- Can the gold price in Euros close at all time monthly highs today?
- Gold price in pounds reaches £1125 – only 6% off all time highs
- Gold price only 6% away from making all time highs in Euros
- Another look at those inflation adjusted gold all time highs in the UK
- Gold prices hit new all time highs
Link to this article: : http://www.goldmadesimplenews.com/gold/gold-price-now-within-spitting-distance-of-1700-as-e-gold-closes-august-at-new-all-time-monthly-highs-7800/
Posted by Thomas Paterson on Sep 3 2012. Filed under Gold News.
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