The price of gold futures climbed for the sixth day in a row, touching though never decisively breaking through the $1,200 per troy ounce level.
On Wednesday afternoon, the price of gold rose $10.70 to $1,198.20 per troy ounce. Gold set a record high in June of over $1,266 per troy ounce. Since then, the metal has struggled to make gains.
Silver, meanwhile, fell a bit over 0.75 percent to trade at $18.28 per troy ounce. At over 65.5-1, the gold-silver ratio is still far from historical norms; figures suggest that it is normally around 16-1.
The People’s Bank of China yesterday made some comments which have helped the markets for gold bullion and futures. The central bank signaled that it would allow more banks to import and export physical gold. It also said it could encourage the creation of new gold-backed investment products.
The PBOC said in a statement that it might “increase foreign members on the Shanghai Gold Exchange and will also study ways to allow foreign qualified bullion suppliers to deliver to the exchange.”
Across the Pacific, the pace of recovery in the U.S. economy continued to worry investors, as job creation continues at a snail’s pace.
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