Gold prices shake off early losses to tally a sixth straight gain

Gold futures gave up early losses Thursday to finish with a modest gain, up a sixth straight session. “Vagueness on tapering” in the minutes from the Federal Reserve’s April meeting, released Wednesday, and the Fed taking a “‘hawkish’ stance on interest rates, along with less concern for inflation than the Fed would historically take” contributed to gold’s rise Thursday, said Jeff Wright, chief investment officer at Wolfpack Capital. Gold may still move higher, but “will face resistance and profit taking above $1,900,” said Wright. June gold added 40 cents, or 0.02%, to settle at $1,881.90 an ounce, with prices eking out a sixth straight session rise, the longest streak of consecutive gains so far this year, according to FactSet data.

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