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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.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
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…
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