NEW YORK (MarketWatch) -- Gold futures hit a new 25-year high on Wednesday with dollar weakness, oil strength and ongoing concerns about the U.S. and Iran boosting the metal.
June-dated gold futures rose as high as $679 an ounce in early electronic trade.
The contract was perched just below that, up $9.10 to $676.50 at last check.
<snip>
Peter Grandich, editor of The Grandich Letter, said gold is also gaining as speculators, who had expected a correction from its current lofty levels, rush to cover short positions.
"The least talked about reason for gold's dramatic rise is the past shorting and manipulation of it by a group or groups who have been desperately trying to cover," he said. "The gold "cartel" is imploding as we speak."
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