Gold prices climb to highest levels in 6 weeks
- Buz Investors highest levels in 6 weeks Gold is trading at $1184.20 per ounce at 10:40 GMT this morning, 0.25% higher from the New York close.
- This morning, the precious metal traded at a high of $1187.70 per ounce and a low of $1180.00 per ounce. Yesterday, gold traded 0.21% higher in the New York session and closed at $1181.20 per ounce, as weakness in the greenback increased demand for the precious yellow metal.
- Immediate downside, the first support level is seen at $1177.23 per ounce, while on the upside, the first resistance level is at $1189.43 per ounce.
highest levels in 6 weeks
highest levels in 6 weeks Gold futures edged higher Tuesday, with a weaker U.S. dollar and uncertainty inside the markets an afternoon in advance of President-opt for Donald Trump’s press conference lifting the precious metal to their maximum stage in six weeks.
The markets look forward to details Wednesday on spending plans from the incoming Trump management. Wednesday will mark Trump’s first respectable information convention on the grounds that July, an appearance that has injected brought volatility into dollar and metals trading and left shares buying and selling only modestly better.
Gold has additionally remained underpinned because the Federal Reserve’s pace of hobby-fee increases stays unclear—a reality this is bullish for gold, which doesn’t provide a yield.
Gold for February shipping GCG7, +0.24% tacked on $2.70, or 0.2%, to $1,187.60 an oz., set for its maximum settlement due to the fact that Nov. 29, in keeping with FactSet facts. charges touched a high above $1,190.
“The weakness in the dollar is the primary thing right here, as traders are cautious” ahead of Trump’s media briefing, stated Naeem Aslam, leader market analyst at ThinkMarkets. “He has categorized some nations as forex manipulators and buyers are going to get a taste how he goes to tackle that.
Trumponomics Divides Investors as Gold ETF Flows Diverge
Gold is splitting the investment community down the middle.
Take the flows into and out of exchange-traded funds. Money has been draining out of SPDR Gold Shares, the world’s largest gold-backed ETF used by big institutional investors, each week since Nov. 11. But iShares Gold Trust, a smaller rival favored by individuals investing lesser amounts for themselves, has seen back-to-back weekly inflows.
Large mutual, pension and hedge funds are chasing better returns in rallying U.S. stock markets thanks to President-elect Donald Trump’s pro-growth policies. Retail investors including iShares Gold holders are returning to gold amid renewed concern that Trump protectionism will restrict global trade and growth. Those concerns were shared by more than two-thirds of traders surveyed by Bloomberg News last month, who forecast prices will gain this year as political uncertainties drive demand for haven assets including bullion.
Gold futures rose 0.4 percent to $1,190 an ounce at 9:46 a.m. on the Comex in New York on Tuesday. Prices have risen 5.3 percent since hitting a 10-month low on Dec. 15. People familiar with China’s plans said last week the nation is prepared to retaliateshould Trump take punitive measures against Chinese goods and trigger a trade war between the two biggest economies.
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