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.




Greenback descends versus yen

On Thursday, the evergreen buck was just a touch lower versus the Japanese yen after reaching an eight-week peak overnight…

Gold is at 5-month minimums on stronger greenback

On Friday, gold dived to five-month minimums because optimism as for the US tax reform overhaul kept underpinning demand for the US dollar ahead of the highly-anticipated American nonfarm payrolls report to be released a bit later in the day…

Gold descends on profit-taking in Asia

On Monday, gold sank on profit-taking in Asia because market participants are closely watching the evergreen buck for potential further dives closely connected with a more gentle than anticipated rate lift path by the key US bank in 2018 after gloomy…

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