XAU/EUR Reaches Fresh High

Gold against the EUR is trying to extend its weekly uptrend for seven successive days, trading at €1,627 during the New York session.

Early in the Asian session, the precious metal retreated to give back some of its weekly gains, as bears pushed gold towards the 50-simple moving average on the 1-hour chart at €1,615, but failed to gain through, bouncing off towards new year highs at €1,629.29.

Demand on gold has increased value in gold and silver. Since Wednesday, when the U. S. inflation figure topped above 6% for the first time in 30 years, investors flocked towards gold as a safe hedge against elevated prices.