Gold price is posting strong gains in midday U.S. trading Wednesday, hitting 4 week highs. Buy stop orders were hit in the futures markets after key technical resistance levels were penetrated on the upside.
A selloff in the U.S. dollar index today also worked in favor of the precious metal market bulls. December gold futures were last up $35.90 at $1,795.00. December Comex silver was last up $0.646 at $23.16 per ounce.
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Gold prices rose to their highest level in nearly a month on Thursday, supported by a decline in the dollar and US Treasury yields, as investors assessed whether the Federal Reserve would tighten monetary policy early expected.<\/p>\n\n\n\n
Spot gold rose 0.3 percent to $1,797.27 an ounce by 0920 GMT, after hitting its highest level since September 15 at $1,797.31, while US gold futures rose 0.2 percent to $1797.90.<\/p>\n\n\n\n
The dollar and benchmark 10-year US Treasury yields fell today.<\/p>\n\n\n\n
Independent analyst Ross Norman described the rally in gold as “constructive” but said it should break the technical resistance levels at $1800 and $1,835 before any other big move higher.<\/p>\n\n\n\n
For other precious metals, silver rose in spot transactions 0.9 percent to $23.28 an ounce, platinum rose 1.6 percent to $1036.52, while palladium rose 3.7 percent to $2184.26.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold price is posting strong gains in midday U.S. trading Wednesday, hitting 4 week highs. Buy stop orders were hit in the futures markets after key technical resistance levels were penetrated on the upside.A selloff in the U.S. dollar index today also worked in favor of the precious metal market bulls. December gold futures were …<\/p>\n","protected":false},"author":9,"featured_media":52476,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6978,7770,7603,6871],"class_list":["post-52708","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-cpi","tag-fomc-minutes","tag-gold-prices","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=52708"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52708\/revisions"}],"predecessor-version":[{"id":52709,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/52708\/revisions\/52709"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52476"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=52708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=52708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=52708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}