Today’s gold prices are recovering after a relatively prolonged bearish move.
The NYMEX gold futures contract for December delivery has gained $7,80 per ounce (or 0.44%) today. The US Dollar has weakened against a basket of major currencies by 0.32% and is now trading around 79,84.
Investors seem to be showing long-term interest in gold. Stock index funds have increased their investments in gold up to the record-high level of a million ounces.
Moreover, gold is supported by higher inflation in multiple countries around the globe as well as the continued eurozone crisis.
The chart below, courtesy of , reflects the current state of affairs in the market of gold:
