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Gold Price Knocking at $600 Door.
In spite of some profit taking on Friday, Gold is on the verge of hitting $600/oz.
U.S. precious metals futures fell slightly on Friday morning as commodity funds and speculators cashed in on gains after a blistering rally on Thursday, market sources said.
Gold hit a 25-year high before retreating, and silver also slipped back, though it still was close to a fresh 22-year high and within sight of the $12-an-ounce mark.
Palladium, the most illiquid of the metals group, sank nearly 6 percent before steadying and platinum slid 2 percent, retreating from an all-time peak atop $1,105 an ounce.
Investors have piled into gold and other hard assets to benefit from booming commodities markets and also as a store of value amid worries over the economy and geopolitics.
"Precious metals registered further gains in Asian trading overnight, but profit taking and selling from investors and macro funds has made inroads," analysts at UBS investment bank said. "A volatile day appears likely, given it's quarter and month end."
