Gold climbed past $2,350 an ounce on Tuesday, extending its bullish streak for the eighth session amid strong momentum trading and firm safe haven demand. Several central regulators in Asia and some Eastern European countries have stepped up their purchases of bullion this year, with the People’s Bank of China increasing its gold reserves for the 17th consecutive month to a total of 72.75 million troy ounces in March. Bank of America has projected the metal to rally to as much as $3,000 an ounce by 2025.
Gold is mostly traded on the OTC London market, the US futures market (COMEX) and the Shanghai Gold Exchange (SGE). The standard future contract is 100 troy ounces. Gold is an attractive investment during periods of political and economic uncertainty.