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GOLD MARKET NEWS

by Ripples Advisory Private Limited - 9:43 am

Gold prices may hit all-time highs in the next 18 months amid low to negative global bond yields, said a fund manager on Monday, joining a chorus of bullish calls on the safe haven commodity.

Gold prices edged higher early on Monday to extend 1.5-% gains from the previous session, while silver breached the $20-dollar level for the first time in nearly two years as Asian stocks fell.

Spot gold prices were trading around USD 1,350 an ounce Monday morning in Asia, about 27 percent higher year-to-date. Prices of the yellow metal hit all-time highs above USD 1,900 an ounce in August 2011.

Spot gold was up 0.2% at $1,344.09 an ounce by 0115 GMT. It rose 1.5 % on Friday, after ending June up about 9 %.

U.S. gold was up 0.7 % at $1,347.80.

SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.41 percent to 953.91 tonnes on Friday, the highest sin SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.41 percent to 953.91 tonnes on Friday, the highest since July 2013.

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