Gold just surged to a five-month high—and ‘has the chance to go further’
Some strategists see further upside for a commodity that typically trends higher in times of geopolitical and economic unrest.
Gold rallied to its highest level in five months in Wednesday trading, gaining over $9 per ounce in the session as tension mounted around the world. Secretary of State Rex Tillerson said Wednesday at a joint news conference with Russian Foreign Minister Sergey Lavrov that U.S.-Russia relations were “at a low point,” and called for improvement after the U.S. missile astrikes in Syria last week.
“As a flight to safety into U.S. Treasurys comes in and yields continue to compress, gold becomes a lot more attractive,” Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management, said Wednesday on CNBC’s “Power Lunch.”