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.

Similar

08.03.2022 21:17 Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

08.02.2022 09:40 First Oil Release After OPEC Meeting

US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.

01.02.2022 09:26 Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.