Gold futures notched a fresh six-year high on Thursday, then extended their gains into the electronic trading session on the back of dovish comments from a Federal Reserve official, worsening tensions in the Middle East and a drop in the dollar.

“News of the U.S. Navy shooting down an Iranian drone always adds fuel to the market, but the underlying buying momentum after a break of the $1,425 area has propelled gold back to the next big challenge,” the $1,450 area, Peter Spina, president and chief executive of, told MarketWatch late Thursday afternoon.

He also pointed to speculation in the market that a “large supranational organization” is acquiring all ounces of gold produced in North America, citing a tweet from Roy Sebag, founder of GoldMoney.

Read more about the activity on the Thursday afternoon metals market on the Market Watch website  HERE

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