Gold for December delivery traded at $1,789.60 in after hours trade on Tuesday after earlier achieving a new record closing price of $1,785 per ounce on the Comex division of the New York Mercantile Exchange.
The previous closing record was $1,784.30 last week Wednesday when gold futures contracts also hit an all-time intra-day high above $1,800.
Reuters reported earlier on Tuesday the largest gold fund players including hedge fund titan John Paulson stuck with their bullion bets in the second quarter, opting not to follow George Soros who further reduced his gold ETF holdings.
MarketWatch reports the Federal Reserve’s continued easing policy and Europe’s slowing economic growth offer “plenty of fuel for the fire to see gold go higher,” said Jeffrey Wright, senior analyst of metals and mining equity research at Global Hunter Securities, who has a six-month price target of $2,000.
Reuters reports famed gold bull Paulson held his ground with his $4.6 billion stake in the SPDR Gold Trust in the second quarter. Others including billionaire financier George Soros, who dumped almost his entire $800 million stake in bullion in the first quarter, further reduced his investment in SPDR Gold Trust by 13% to just over $6 million.