Gold Hits 15 Month High; Expect More Dollar Weakness Says Peter Hug

from Kitco NEWS

Precious metals have been among the best performing assets this year and according to Kitco’s Global Trading Director Peter Hug, gold and silver may have more room to grow. The yellow metal has gained momentum on a weaker U.S. dollar, and Hug says he sees more weakness for the greenback ahead. ‘This precious metals rally over the past couple of weeks has been premised on dollar weakness, specifically dollar weakness to the yen,’ he told Daniela Cambone Monday. ‘Right now, it certainly looks to me like the dollar will continue to weaken in the short term and that’s been one of the catalysts for the move up in gold.’ Gold prices hit a 15-month high Monday, with June Comex gold futures breaching above the $1,300 level before falling back to current levels around $1,296.30 an ounce.

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