NEW YORK – 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 one-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".