One-Month High For Gold, Looking Good For 2018
On Friday, gold was on a one-month high, thus making it’s biggest annual rise since back in 2010.
Though things are looking up for gold, the dollar is almost as low as it was in 2003. Tension and talks over North Korea and the Russian scandal the includes the American president are part to blame for the dollar’s low yield.
The price of gold went up 0.2 percent, coming in at $1,296.90 per ounce.
According to analyst Georgette Boele, trades during the past weeks were thin. Gold has been able to profit from yields being under pressure.
She goes on to speak on gold’s vulnerability during the upcoming year. Due to the dollar being weak, U.S. interest hikes were offset. While the dollar is very important, so are real yields. The dollar is not making in profit, but the Fed is increasing the rates.
Analysts say that gold is benefiting from the low dollar. The precious metal is on its way to having its best month since last August.
Gold On A One-Month High
ScotiaMocatta’s technical team say that gold’s resistance is coming in at around the $1,300 mark. It was able to rise above it’s 100-day moving average this week of $1,295 per ounce. However, momentum indicators are confident that it will hi the October high that is $1,306.
Out of the precious metals, palladium has had best year and strongest rises. It has risen over 57 percent. Investors worry about its availability after years there being more Palladium in stock less exporting of the precious metal.
Palladium spot was low at $1,062 per ounce, dropping 0.3 percent. However, in its previous session, Palladium was the highest it’s been since back in February of 2001, coming in at $1,062.
Silver spot price came in at $16,87 ounce, rising 0.2 percent. Platinum was at $926.49 an ounce, 0.4 percent higher since the previous session.