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Traders reap fat profits on gold rally

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The yellow metal has once again confirmed its status as an exclusive safe-haven asset. The value of gold has surged dramatically. According to analysts, the price of gold has exceeded $3,720 per troy ounce on the New York Comex exchange. Higher highs are yet to come! Analysts say that the precious metal still has room to grow.

On September 15, the price of gold rallied on the New York Comex exchange without any signs of trend reversal.

This week, the market price of gold has gained 1%, surpassing $3,720 per troy ounce. At the start of a trading session on Monday, the instrument surged by $35.37. At its peak, the precious metal reached $3,721.77 per troy ounce, setting a new all-time high. Bravo!

The reason behind the rally of the precious metal is geopolitical instability triggered by trade conflicts. Tensions in the Middle East, rising strain around Venezuela, and discussions of new sanctions against Russia have only added fuel to the fire.

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