NEW YORK (TheStreet) -- Investors got behind gold Friday for good luck and, in some cases, just good old protection.
SPDR Gold Trust (GLD) an exchange-traded fund that tracks the price of the yellow metal, rose 1.2% by midday. And a majority of investors on StockTwits.com are calling for more gains. Sentiment on GLD is 69% bullish.
$GLD This has runner written over it heading into the weekend, I think it surprises over the weekend and breaks out of the triangle- InvestingJungle (@InvestingJungle) May. 2 at 10:59 AM
Some investors are buying gold to hedge against any market downturn spurred by geopolitical risks -- namely the ongoing tensions between the West and Russia over Russia's annexation of the Ukraine's Crimea region. President Obama and German Chancellor Merkel will hold a press conference today to discuss the West's sanctions of top Russian officials and other measures taken to curb threats of Russian expansion in the former soviet block.
Other investors see reason to be bullish gold because of growing demand in the world's second largest gold market. The Wall Street Journal reported today that gold demand has risen in India -- the number two market for the yellow metal. Demand is typically strong on today's Hindu holiday, Akshaya Tritiya, a holy day when buying precious metals is considered good luck. (However, early reports in Indian newspapers suggested jewelers were not impressed with sales.)