Gold rallies to 3-month high on weaker dollar, bullish technicals
Gold climbed to a more than three-month high on Friday, on track for its third straight weekly gain, aided by a break above key technical levels as the U.S. Treasury's buyback support plan dragged on the dollar. Spot gold climbed 2.1 percent to $4,612.17 per ounce by 12:29 p.m. EDT (1629 GMT), earlier touching $4,620.14 — its highest since May 15. U.S. gold futures rose 2.2 percent to $4,670.60.…
Gold prices surged to a three-month high on Friday, marking its third consecutive weekly increase, as the U.S. Treasury's buyback support plan put pressure on the dollar. Spot gold rose 2.1% to $4,612.17 per ounce by 12:29 p.m. EDT, briefly reaching $4,620.14, its highest level since May 15. U.S. gold futures also gained 2.2% to $4,670.60.
The metal has climbed over 5% this week, with the most significant one-day rise since early February on Wednesday. Gold is trading above all key moving averages, having broken above the 200-day moving average of around $4,513, a technical indicator often viewed as bullish. According to Bart Melek, global head of commodity strategy at TD Securities, the rally can be attributed primarily to the declining U.S. dollar.
He noted that the dollar has been near its lowest level since mid-May as investors remain uncertain whether the U.S. Treasury's efforts to stabilize bond markets might ultimately prove insufficient.
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- Gold rallies to 3-month high on weaker dollar, bullish technicals koreatimes.co.kr
