John Person with NationalFutures.com told the news source that mudslinging just prior to the general election between President Barack Obama and whomever is the Republican nominee will peak while gold futures range from $2,200 per troy ounce to $2,400 per troy ounce. He said the precious metal's upward drive will be supported if bullion remains higher than the threshold price of $1,500 per troy ounce.
"This is very healthy for further gains in 2012, especially if we hold above $1,500," Person told the news source. "We could see the market trade in a range through mid summer."
With the record price of $1,923.70 per troy ounce established this past September 6, gold futures are en route to achieving weekly gains for the first time in the past three weeks, according to Bloomberg.
Investors are likely to continue gravitating toward the U.S. dollar and the safe haven it offers as the sovereign debt crisis continues ravaging the euro and pulling down gold futures, research head Ye Yanwu with Everbright Futures told Bloomberg.
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