Gold Recovers From Nine-Month Low
Gold Recovers From Nine-Month Low

Gold Recovers From Nine-Month Low

Gold Recovers From Nine-Month Low

Gold pared a third weekly drop as the dollar halted a rally that sent bullion prices to a nine-month low and pushed silver into a bear market. Bullion’s first gain in four days cut this week’s loss to 1.5%. Prices have tumbled as strong economic data and the prospect of more spending after Donald Trump’s US election win boosted bets for higher interest rates. Investors are selling out of gold-backed funds at the fastest pace in three years, Bloomberg reported.
The metal rebounded on Friday as the Bloomberg Dollar Spot Index retreated from the highest in a decade. Gold’s decline earlier today stalled at $1,171.18 an ounce, which is near a 61.8% retracement of the rally from December to July. The Fibonacci figure is used by some traders and analysts to determine support levels.
Gold for immediate delivery rose 0.6% to $1,189.29 in London, according to Bloomberg generic pricing. It’s down 6.9% in November, heading for the biggest monthly drop since 2013. Traders are certain that the Federal Reserve will raise rates next month, curbing the appeal of owning bullion because it doesn’t provide any yield. Holdings in gold-backed funds have dropped 85.5 metric tons so far this month to 1,902 tons, the lowest since June, data compiled by Bloomberg show.
In other precious metals, silver rose 1.1% to $16.4691 an ounce in London, after earlier dropping to the lowest since June.

Short URL : https://goo.gl/tn23Sn
  1. https://goo.gl/Ce4r4W
  • https://goo.gl/BWfD30
  • https://goo.gl/cA3mFb
  • https://goo.gl/KTeY4B
  • https://goo.gl/zixTKU

You can also read ...

Close to 40% of digital transformation initiatives will be supported by AI capabilities.
The digital economy in Asia-Pacific, or APAC, is expected to...
An electronic stock indicator of a securities firm in Tokyo.
As investors come to terms with the impending end of easy...
Most economists would agree that Italy needs faster economic growth if it is to resolve its public debt  and banking-sector problems in an orderly manner.
Italy’s economy is growing again, but it’s still the worst...
Maersk is expanding its competitive universe to include different types of companies.
The world’s largest container company will start looking for...
Lloyds Profits Miss Forecasts
Lloyds Banking Group PLC raised its 2017 dividend by 20% and...
NZ Says Pacific Trade Deal Will Boost GDP
New Zealand estimates a Pacific trade deal would boost its...
CBs May Top Inflation Targets
Not only will central banks meet their inflation targets, they...
Pak Current Account Gap Widens
Pakistan’s current account deficit widened 28.74% on a month-...

Add new comment

Read our comment policy before posting your viewpoints