Gold will soon touch its highest level in nearly a month above $900 an ounce on Monday on the back of speculative buying as oil held near record high, which will result in inflation. Platinum tracked gold’s gains and jumped to its highest level in more than months. Spot gold hit a high of $911.60 an ounce, its highest level since April 23, up from $899.55/900.95 late in New York on Friday but remained below a lifetime high of $1,130.80 hit on March 17. The previous attempts to revisit the record high resulted in high profit, which finally saw gold fall to a four-month low at $845 an ounce in early May.
Walter De Wet, analyst at Standard Bank said that, Whether gold will hold above $900 is a difficult question and around about $920 should be the psychological resistance for the metal. Spot platinum rose to $2,146.50/2,166.50 an ounce from $2,126/2,141 an ounce late in New York, having earlier hit an intraday high of $2,174 an ounce — its best level since March 7. Johnson Matthey, the world’s largest distributor of platinum, will release the report at 1200 GMT on Monday.