Bullion’s rise is attributed to the fact that the greenback is close to recording its worst monthly performance in a year.
He gold goes up by fifth consecutive day this Wednesday, November 29, and touch levels highs in almost seven months. This impulse is attributed to a bearish trend which is shown dollar, despite scoring a slight bounce on this wheel. Also influencing are the expectations that the Federal Reserve have finished uploading interest rates in USA.
In that framework, the gold futures in USA for delivery in December advance 0.2%to US$2,043.50. In that way, it touches highs since May 4, 2023a day in which it reached a price of US$2,055.70.
Gold: the data analyzed by the market
“A weaker dollar and hopes for lower rates after the somewhat more moderate comments of those responsible for the Fed boosted gold prices in the last 24 hours. The next resistance will probably be the 2020 all-time high.”said Giovanni Staunovoanalyst UBS.
He dollar index advances 0.2% against their rivals. However, the greenback is close to recording its worst monthly performance in a yearwhich increases the attractiveness among holders of other currencies.
For his part, the performance of the 10-year Treasury bonds falls to minimums of more than two monthsat 4.2802%.
Depending on the tool FedWatch from CMEoperators now value more than a 70% the possibility of rates going down in May, after the Fed Governor Christopher Wallerwill point to a possible reduction in the coming months, compared to 50% on Tuesday. Lower rates reduce the opportunity cost of holding bullion, which does not earn interest.
In other precious metals, the silver spot prices were down 0.6%, at $24.86 per ounce; he platinum fell 0.5%, to $935.34; and the palladium It lost 1.1%, to $1,043.47.
Source: Ambito
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