(Bloomberg) -- The gold rally is gaining steam.
As prices climbed above Friday's high of $1,415.40, bulls came charging in. Futures contracts equal to more than 1 million ounces of gold traded in the five minutes ended 11:20 a.m. on the Comex in New York, extending the metal's rally to the highest in almost six years.
"These are all people trying to ride the momentum higher," Phil Streible, a senior market strategist at RJO Futures, said in a telephone interview. Prices "broke out over that high and further extended its gains as traders become more confident in the market."
Read more: Gold Extends Rally Past $1,400 as Investors Pour Cash Into Funds
To contact the reporter on this story: Justina Vasquez in New York at jvasquez57@bloomberg.net
To contact the editor responsible for this story: Luzi Ann Javier at ljavier@bloomberg.net
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