Gold jumps to fresh 4-Month highs

FXStreet (Mumbai) - Gold prices on Comex rallied in the European session, after the unexpected decision by Swiss National Bank (SNB) to abandon the currency peg created havoc in the markets with major currencies and stocks crashing.

Currently, gold posts fresh daily highs at 1252.50 levels up 1.50% on the day. Gold prices jumped to daily highs after the Swiss central bank announced an end to its 3-year-old policy of maintaining a floor in the EUR/CHF exchange rate. Investors flocked to safety in gold abandoning other riskier assets after the SNB decision sparked a heavy turmoil in the markets with a massive sell-off across the board.

Gold Technical Levels

The metal has an immediate resistance at 1255. Meanwhile, support stands at 1269 levels below which doors could open for 1244 and 1239 levels.