(Kitco News) – After holding initial support at $3,000 an ounce, gold’s rally continues unabated, ending the week at another record high.
Gold prices are moving within striking distance of $3,100 an ounce. While momentum indicators show growing overbought conditions, analysts say the market continues to benefit from solid fundamental support. Gold is trading at $3,077.30 an ounce, up 0.68% on the day, and is set to end the week with a nearly 2% gain.
Friday also marked the end of the last full trading week of the month and the quarter. Gold prices are up roughly 8% in March and are on track to end the quarter with a 17% gain. Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, said that while gold has seen a significant rally so far this year, prices still have upside momentum.
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