Gold Achieves Liftoff as Prices Rocket Toward $1,400 an Ounce
- Metal gains to highest in five years as Fed eyes rate cut
- ETFs, central bank gold buying have proved bullish signals
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Until this month, gold held claim to the title of being one of the most boring asset classes. Prices barely budged and popularity was fading.
Now that’s all changed. Over the past few weeks, a clear bull case has started to emerge. A key resistance level has broken. Investors are pouring money into exchange-traded funds. The dollar is weakening and the U.S. Federal Reserve seems to be charting a path to cut interest rates. Meanwhile, China is on a buying spree to stock up reserves.