Gold hits fresh one-month peaks on softer greenback

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.

Similar

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera