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.



Gold declines on Fed remarks

On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…


Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

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