January 2 – 5: gold outlook

January 2 – 5: gold outlook

On Friday in the final trading day of 2017 a weaker US currency underpinned gold, letting this precious commodity reach a three-month maximum back above $1,300.  

February delivery gold futures gained 0.61% being worth $1,305.10 in New York, demonstrating the highest close since September.

The number one precious metal has managed to earn 14% for the year, which is the largest yearly percentage profit since 2010.

Recent weakness in the US currency has underpinned gold by making the dollar-denominated precious metal more affordable for holders of other currencies.

On Friday, the US currency dived to its lowest value for more than three months versus a basket of the other crucial currencies and also reported its largest annual percentage sink since 2003.

Additionally on Friday, silver hit $16.98 a troy ounce, concluding 2017 with a 6 revenue%.

Palladium reported the strongest leap among precious metals of 2017, gaining 57% amid worries over the supply outlook.

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