Spot gold is nearing its almost 28-year high Wednesdayfollowing the U.S. Federal Reserve Rate cut, with gains towards $760/ozpossible in the coming sessions, market participants said.

Spot gold’s May 2006 high of $732 a troy ounce is now firmly in sight as thecurrent rally is showing no signs of stalling with investor buying increasingholdings in the StreetTRACKS exchange-traded fund to a record 18.504 millionounces, James Moore of TheBullionDesk said.

While market length is sizable, ETF investors are more “sticky investors”than CTA and system fund buyers and will likely continue to accumulate on dips,said Michael Jansen of JPMorgan.

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