Investors are increasingly driven toward the precious metal due to economic growth and development slowing down. In the U.S., intensifying scrutiny is training on the central bank, which is set to convene its annual symposium in Wyoming on Friday. Observers are looking for an indication of QE3, the third phase of economy-spurring quantitative easing as the second round wrapped up in late June. Peter Fertig, owner of Quantitative Commodity Research in Germany told Bloomberg that another round of easing will drive gold prices even higher.
"Gold is strong in any and all currency terms, and it is now entering that stage when prices go parabolic," economist Dennis Gartman penned in his Monday Gartman Letter publication out of Suffolk, Virginia.
At 8:13 a.m. on Monday, gold futures rose 1.17 percent, a $21.70 gain to $1,873.90 per troy ounce.
The likelihood is high that the precious metal will need less than 14 days to notch $1,900 per troy ounce after soaring past $1,800 per troy ounce, according to The Wall Street Journal. In early 2011, gold futures were valued at $1,400 per troy ounce.
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