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Los Angeles CA, Feb 24 (Tangible Investments) - by James O’Dell - Gold and silver prices advanced in overnight trade, with gold climbing to a 3 1/2 month high of $1,332.97 an ounce, after gaining $1.64 or 0.12 percent to close at $1,323.93 an ounce on Friday, for a third straight weekly gain in the precious metal. The price of Silver gained a modest $0.04 or 0.18 percent to close at $21.80 an ounce on Friday, and is currently at $21.92 an ounce.

ANZ Bank's Victor Thianpiriya, says the recent strength in Gold is not due from short covering alone, new long positions are also entering the market. “I believe that the large investment firms have rebalanced their portfolios to include gold. And that is a main factor sustaining gold and may drive prices up into the future,” said Miguel Perez-Santalla, of BullionVault. In addition, more investors are returning to gold as they continue to question the strength of the global economy, says Kelly Teoh, of IG Markets. “I think this year there is going to be a lot more caution,” said Teoh. “People are going back into gold as a safe haven and a hedge.”
 
Bullish technical charts continue to draw in more investors, while market participants look for prices to continue higher. “I think gold is heading higher." said Daniel Pavilonis, of RJO Futures. "We had a nice break above $1,290 and if we can test $1,330 again and break out, we can go higher. My one concern is if we see better economic data."
 
Meanwhile, a weaker dollar may be helping to support the gold price, as the greenback falls against the euro on upbeat German sentiment data. The dollar has attempted to push higher this year, but those attempts have failed and have instead formed a daunting barrier to the upside and now the underlying bias remains to the downside. The greenback was unable to muster support even after the Fed began scaling back its massive quantitative easing (QE) program.
 
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