(Kitco News) -Comex gold futures at midday Tuesday hit the major psychological level of $1,500.00 an ounce, after flirting with that key price for much of the morning. Tuesday's new all-time record high in June gold futures now stands at $1,500.50 an ounce. A weaker U.S. dollar index and firmer crude oil prices are helping to support the higher gold price Tuesday. June Comex gold last traded up $1.50 an ounce at $1,494.50. The fact that gold has now hit the much-anticipated $1,500.00 mark will now garner even more general media attention, which in turn will likely draw even more general investor demand to the precious yellow metal. With the $1,500.00 mark now being hit for gold futures, traders and investors are now eyeing the next major upside technical price objective, which is $1,600.00 an ounce.

By Jim Wyckoff of Kitco News; jwyckoff@kitco.com

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