Gold Is On Fire

Stocks aren’t doing much on Friday, but one asset is having a huge day: gold.

In afternoon trade on Friday, the precious metal was up more than 2.5%, or about $US25 an ounce, to around $US1,192.

This is the highest level gold has traded at since the metal broke below $US1,200 late last month.

Overall, gold is still near multi-year lows, but on a day when there is a bit of a “flight to safety” feel in the market, with US Treasury yields falling a bit and precious metals rallying, gold is ending the week on a positive note.

Here’s the chart of gold’s rally on Friday.

Though gold is still in a big downtrend.

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