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Gold within touching distance of all-time high right now

Gold is just a sliver away from the all-time high right now during morning trading, continuing yesterday’s run towards a new record. Prices briefly eclipsed the all time high on Tuesday with an intra-day record, then closed the day around £1,574.49 ($2,070.42), barely below the highest price ever of £1,575.83 ($2,075.14). We could see a new record being set today as the bulls continue to run the show.

Overall, the yellow metal surged by £62 ($82) on Tuesday before some early profit taking, suggesting that pricing levels this week could easily eclipse previous highs as investors continue to rush towards safe havens as the war in Ukraine enters its second week.

With gold prices trading sharply higher by the hour, stock markets continue to see mixed results, with the Nasdaq officially bearish following a 20% decline.

IHS Markit’s latest Investment Manager Index shows conditions are highly favourable for the gold bulls. The report author, Chris Williamson said, “The mood among U.S. equity investors has turned much gloomier in March as the intensifying Ukraine crisis exacerbates existing headwinds and concerns. Geopolitics are exerting a greater drag on the market than at any time in the survey’s one-and-a-half-year history, as is the deteriorating global economic environment. The invasion has led to heightened worries over slowing growth, soaring inflation, a cost-of-living squeeze, and more protracted supply chain bottlenecks.”

Act fast before a new high is set. Buy now.

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