Gold reaches fresh 4-week maximums on USD selling

Gold reaches fresh 4-week maximums on USD selling

On Wednesday, gold futures on Comex managed to extend its winning marathon into a fifth day. It’s because broad-based USD sell-off gathers tempo amid quite thin trading conditions.

Gold reversed more-than 75% of the latest sag to five-month minimums of $ 1238 levels because the bulls do their best to get back to the $ 1300 level, with a generalized selling in the US currency providing the much-needed impetus to gold.

Heading into the New Year, financial markets look for safety in gold because EU political instability, North Korean nuke threats and Fed rate lift hopes are still the major risks going forward.

Furthermore, the everlasting strength in gold prices can be also explained by repositioning ahead of the yearly close – financial markets took profits off the table after the recent tumble to multi-month minimums.

Market experts told that February delivery gold futures have soared almost $50 since December 12, when they leapt to 1237.40 correction objective.

 

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