Gold recovered from an earlier nine-month low and moved into positive territory on the morning of Friday November 25 in London, reflecting a pause in the dollar’s rally.
The spot gold price was recently quoted at $1,190.00/1,190.30 per oz, up $4.25 on Thursday’s close. Trade has ranged from $1,171.33 to $1,193.30 so far – at the low, it was at its softest since February 8 this year.
“Technically, a weekly close below $1,201 will signal a short-term bearish tone while a break below $1,179 cash would see $1,130 being re-tested soon,” Commerzbank said.
The spot silver price was unchanged at $16.425/16.445 per oz, as was palladium at $728/734 per oz. The latter hit its highest since June at $750 per oz on Tuesday.
Platinum, meanwhile, edged $2 higher to $915/920 per oz.
“The strong dollar, prospects for US interest-rate rises and brighter opportunities in other asset classes have triggered long liquidation in gold, silver and platinum. Palladium has bucked the trend, as it has followed equities more,” Metal Bulletin analyst William Adams said.
“Given that there is still a lot of uncertainty in the political arena, we would have thought the pullback in gold prices would start to attract bargain hunting, especially if the rallies in other markets start to show signs of tiring,” he added.
The dollar index rally has halted up in high ground – it was recently quoted at 101.37, having been as high as 102.05 earlier this week.
Key US economic data due later today includes the goods trade balance, preliminary wholesale inventories and the flash services PMI.
Physical buying by central banks has started to pick up, ANZ noted. China’s purchases of the precious metal jumped strongly in October, with imports via Hong Kong hitting 60.4 tonnes, up from 44.9 tonnes in September and 68.2 tonnes in the same month of last year.
(Editing by Mark Shaw)
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