Gold prices hit a six-month high yesterday, approaching the $1,000 a troy ounce mark for the fifth time in two years, as wary investors pulled back from equities.
Traders said that the bulk of the buying came after a confluence of bullish chart signals triggered speculative flows into the precious metal. Spot bullion in London hit an intraday high of $992.55 a troy ounce, the highest since late February.
“The price charts had been flagging buying signals,” said Jonathan Spall, a gold specialist at Barclays Capital in London. “Gold has a positive technical picture.”
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