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Gold prices hit a 12-month high

The gold bulls are off to a roaring start this week, racing to a 12-month high on the back of glum economic data that saw the U.S. dollar and Treasury yields fall. Surging prices were triggered by new employment figures which showed that job vacancies have fallen to a two-year low, and manufacturing data which confirmed a 0.7% decline in factory orders for March.

Trading yesterday (Tuesday) saw prices rise to £1,617 ($2,021) – a level that is within touching distance of the all-time high of £1,663 ($2,078) recorded last March. This record could easily be breached in the very near future on the back of the bullish momentum that has characterised recent weeks.

Another very strong indicator that gold prices are about to strike higher still comes from growing agreement that the drop in employer demand strongly suggests a dovish stance will be adopted by the Federal Reserve. Any pause in interest rate hikes is set to see gold unleashed.

Make sure you are positioned to benefit when that new all-time price record is set. Buy gold now.

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