Market Extra: Gold’s tempered climb makes gains more ‘sustainable’, says Milling-Stanley

Gold is positive on the year, but maybe not as much as some investors expected given the abundance of economic and political uncertainty that usually feeds a rally in prices for the metal.

Year to date, gold futures GCM7, -0.15% have climbed just shy of 10%, and remain up around 1.2% month to date. But the commodity so far has failed to top a key technical barrier at $1,300 an ounce—a level last seen in early November 2016. It has been a rough week so far for gold, with prices down about 1.7% so far.

Gold’s more tempered price rise, however, is actually encouraging, and points to a more sustainable rally for gold, according to George Milling-Stanley, head of gold investment strategy at State Street Global Advisors.

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