Sunday, 17 December, 2017

Gold Prices Mark a Six-week High

Comex Gold Daily December Comex Gold
Preston Stone | 29 July, 2017, 02:15

Gold fell from a six - week high on Thursday, pressured by the dollar's bounce on solid USA economic data and as traders digested the Federal Reserve's Wednesday statement that showed it was closer to paring its balance sheet.

European bond yields moved higher ahead of the U.S. open on Friday which triggered an element of selling pressure on gold, although overall selling pressure was limited.

"With the Fed now likely on hold at least till the end of the year and U.S. bond yields falling, there are some forming tailwinds that should propel prices higher over the short term", Meir said.

The most active gold contract for August delivery rose 8.4 US dollars, or 0.67 percent, to settle at 1,268.4 dollars per ounce.

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USA gold futures for August delivery advanced 1% to $1,262.20 an ounce.

Commodities priced in dollars often trade inversely with the dollar, as moves in the US unit can influence the attractiveness of those commodities to holders of other currencies. That was the highest settlement since June 14, according to FactSet data.

On Thursday, the dollar index, a measure of the greenback against a basket of six major currencies, was at a 13-month low, while US Treasury prices gained after the Fed's policy statement was perceived to be dovish.

Elsewhere in metals trading, silver futures for September delivery slipped 0.23% to $16.533 a troy ounce, while copper futures for September delivery declined 0.54% to $2.862 a pound. Meanwhile, holdings at SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.63% to 795.42 tonnes on Wednesday from 800.45 tonnes on Tuesday. Platinum dropped 0.1% to $928.30 per ounce, while palladium gained 1.1% to $875.25 an ounce after touching $878.50, the strongest since June 23.

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