Gold breaks above $1,310

New York (Aug 7)   After consolidating between $1,308 and $1,302, the yellow metal turned to the upside and broke above yesterday’s highs, climbing to $1,313.50/oz, level not seen since July 22. The price extended the rally that started yesterday when it rose from $1,288 to $1,309.

After hitting a fresh high gold pulled back slightly but holding above $1,310. Currently trades at $1,311.80, up $6 for the day and $30 above where it closed last week.

Silver futures did not follow gold and the price fell back below $20.00 and was slightly lower for the day.

Source: FXstreet