Gold futures for August delivery on the Comex in New York rose as much as 1.8% to $1,454.40 an ounce on Friday, the highest for a most-active contract in six years. Prices are heading for a fourth weekly gain in five.
If the rally does persist, retail investors who have largely been on the sidelines may soon join in, according to Hayes of the Perth Mint.
“It takes a little while for a rally like this to really feed into mainstream society,” Hayes said in an interview by phone. “If it is sustainable it will undoubtedly spark additional interest not only from institutions but from the average investor in the street.”
This article was provided by Bloomberg News.