Gold sets a record daily and weekly close above $2,500

On Friday, as noted here, gold rose to touch $2,500 for the first time ever. It then backed-off to around $2,477 as profit-taking seemed to kick in ahead of the 4pm London FX fix. Well, it did not stay down there for long and lifted once more into the European weekly close. Gold later extended that move into the US close, rising to a new record at $2,509.93. It later set a new all time record daily and weekly close, at $2,508.01. However, it has traded back below the $2,500 handle today. The low seen earlier this morning was set at $2,495.08. It has just bounced back above $2,500 again. Gold above 2,500 is into uncharted territory now so it is hard to gauge just how much further this has to run. Many analysts were predicting a move to this level by the year-end. So, as you can see it seems to have got there a little ahead of schedule. Gold is currently trading at $2,500.80