Gold prices were up today (Thursday) as the U.S. dollar retreated against other currencies, leading foreign buyers to favor investing in gold. 

The most actively traded gold contract, for April delivery, rose $2.70, or 0.1%, to settle at $1,590.70 a troy ounce on the Comex division of the New York Mercantile Exchange.

“The gold market is getting propped up by a break in the dollar index,” Ira Epstein, director of the Ira Epstein division at the Linn Group, told The Wall Street Journal. “The problem is, people are not buying into the rally, they’re buying it on the dips.”

If gold prices cross the psychologically important $1,600-an-ounce level, confidence in investing in gold could strengthen.

Until then, it looks like investors will stay busy trying to profit from the record-high Dow.

“With investors pouring money into the stock market trying to chase the run up, retail investors have shied away from gold,” David Beahm, vice president at precious metals investment firm Blanchard & Co. told MarketWatch. “However, it seems that large buyers are still out there and gold is holding up even with all of the negative sentiment.”

Investors shouldn’t forget the protection gold offers portfolios.

To continue reading, please click here…