Gold shows fifth winning week

Gold shows fifth winning week

An anemic Wall Street still appears to be the yellow metal’s best hope for a soar toward $1,300. However, escalating trade conflict rhetoric as well as a potential Democratic win in the American midterm elections could also act as drivers for gold that reported a fifth winning week on Friday.

December delivery gold futures concluded Friday down 0.4% ending up with $1,233.30 a troy ounce. However, the contract has managed to leap by 0.1% for the week.

In general, since September 21, the yellow metal has concluded every week up, reporting a cumulative 3.5% ascend for the last five weeks.

Notwithstanding the threat of higher interest rates, and with the Fed hinting at the fourth lift already in December, the yellow metal has managed to remain above the $1,200, which is especially crucial for the psyche of bulls in the financial markets.

October’s rout in America as well as global equities, to say nothing of the on-again-off-again trade negotiations with China have spurred gold’s appeal as a safe haven.

On Friday, American equities managed to extend their dive because trade optimism receded after Larry Kudlow, White House economic adviser told US leader hasn’t urged American officials to come up with a proposed trade plan for China.

Some market participants are also opting for gold as a safe haven against a probable Democratic win in American midterm elections next Tuesday.

As for other precious metals traded on COMEX, one should mention silver futures, which managed to head north by 3.7% reaching $14.75 a troy ounce.

Aside from that, palladium tacked on by 1.6% being worth $1,098.70 an ounce. As for platinum, it edged up by up to 1.2% coming up with $873.30.

As for base metals, copper futures rallied by 2.2% on the Comex exchange trading at $2.72 a pound.




Silver: pushed by Reddit
Silver: pushed by Reddit

During the recent days, silver made a spectacular rise to $30. Not only gold shines, it seems! It's all still an echo of Reddit, though...

Latest news

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

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