Precious metals could rise some more if macroeconomic concerns continue, says Morgan Stanley. The gold market was bid during a volatile week in other markets last week, although the firm describes the move in gold as “not overly aggressive.” Morgan Stanley adds, “the gold price is not yet telling us we are entering into a global macro event, just a scare. At the same time, it’s clear the large short positions are unwinding, and should broader macro concerns persist, we think it’s likely upward price momentum could intensify.” Gold is bid again so far Monday morning. As of 8:53 a.m. EDT, the Comex December futures were up $7.10 to $1,246.10 an ounce and hit a high of $1,249.30 that stopped just shy of last week’s five-week high of $1,250.30.
