Gold price creeps higher on bargain hunting, softer dollar

The gold price was steady on the morning of Wednesday November 30 in London, inching higher thanks to some bargain hunting and a slip in the dollar.

The spot gold price was recently at $1,188.70/1,189 per oz, up $0.65 on the close.

“The metal looks to be treading water into December’s FOMC meeting as bargain hunters continue to buoy the metal on dips toward $1,180, while offers on the way to $1,200 are proving difficult to break through,” MKS noted.

The dollar index is holding above 100 for now – it recently traded at 100.95, down 0.02% on Tuesday’s close.

Data today includes the EU CPI flash estimate and the core flash estimate as well as the ADP non-farm employment change, the core PCE price index, the Chicago PMI and pending home sales from the US. The week’s key data event is Friday’s non-farm payrolls report.

The spot silver price at $16.725/16.760 per oz was up $0.110 while platinum at $918/923 per oz was $3 higher.

Palladium continues to outperform, climbing $9 to $767/772 per oz – around its highest since June 2015 – on expectations of solid economic growth in both the US and China. 

 

(Editing by Mark Shaw)

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