Gold Breaches 6-Year Downtrend Line as Bulls Take Charge: Chart
(Bloomberg) -- Gold is breaking out of a six-year slump as investors search for safe havens during a period of global upheaval and bets that historically low U.S. interest rates will endure. After breaching a six-year downtrend line, gold is at the highest level since Nov. 4, and has advanced 12.7 percent this year. An uptick in bullion imports in China, as a hedge against currency risk, and a tepid pace of U.S. monetary tightening could fuel the next leg-up in the rally, say analysts.
To contact the reporter on this story: Sid Verma in London at sverma100@bloomberg.net.
To contact the editors responsible for this story: Samuel Potter at spotter33@bloomberg.net, Dave Liedtka, Sophie Caronello
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