(Kitco News) – Gold prices are trading sharply higher, at a 3.5-month high and are nearing the key $1,200.00 level in morning U.S. dealings Monday. Lower world stock markets, including sharp losses in the U.S. stock indexes that just opened the day session, are prompting investor and trader demand for the safe-haven yellow metal. The near-term chart posture for gold has also dramatically improved the past few weeks, which is drawing in technically based buying.
April Comex gold was last up $31.60 an ounce at $1,189.40.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff
