Spot gold price picks up slightly, dollar rally pauses

Gold was in positive territory on the morning of Monday November 28 in London, with a slightly weaker dollar generally underpinning precious metals prices.

The dollar index was recently at 101.05, having been as high as 102.05 in the previous week, its highest since March 2003.

The spot gold price was recently quoted at $1,192.00/1,192.30 per oz, up $8.20 on the previous close. Trade has ranged from $1,187.05 to $1,197.70 so far.

The spot silver price was last at $16.690/16.715 per oz, up 18 cents. Platinum climbed $15 to $915/920 per oz and palladium at $750/755 per oz was up $12.

“The precious metals have fallen out of favour in recent weeks – the strength of other markets has provided more opportunity,” Metal Bulletin analyst William Adams said.

“But with a lot of significant political uncertainty lying ahead, we expect bargain hunting in gold to support prices – gold should provide a good hedge against fallout from what political policy changes lie ahead, as well as from any correction in super-charged markets,” he added.

Support for the yellow metal sits around $1,180 per oz while resistance is at $1,200 and then $1,210, MKS said in a note.

Softer spot prices may encourage physical demand while the holiday seasons in both Asia and Europe approach, Commerzbank noted.

(Editing by Mark Shaw)

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