Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email.
"Gold's breakout above yet another round handle is simply fuelling the bullish momentum given the lack of any major selling activity," the analyst says. Gold could test next major level of $4,000/oz, with $3,900/oz broken, Razaqzada adds.
Spot gold is 0.3% higher at $3,969.75/oz after earlier touching a fresh record intraday high of $3,976.18/oz, ICE data show.
Source : Dow Jones Newswires
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