Find out the main drivers for this week
Gold hits fresh one-month peaks on softer greenback
On Friday, gold moderately ascended for the seventh straight session, hitting a fresh one-month maximum of $1296.
In the pre-holiday thin trade, persistent selling pressure around the greenback kept pushing prices for gold to its highest value since late November. Gold also derived benefits from some follow-through technical buying, in particular after closing above 100-day SMA on Wednesday.
The recent dive in the American Treasury bond yields gave support to the non-yielding commodity. Aside from that, recovering safe-haven buying, underpinned by global political uncertainties, also backed the precious metal's recent upsurge.
So far this week gold has rallied 1.5%, and for the year it has risen more than 12%.
In absence of any key market moving economic reports, gold is still on track for the third consecutive week of profits because market participants would prefer to stay passive until the resumption of regular trading after the New Year holiday.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.