World News – United States – Gold prices rise above $ 1900 for best result in a week


Gold prices recovered the psychologically important mark of $ 1,900 an ounce on Tuesday to record their highest settlement in one week, as the US dollar pulls back for a second session allowed the value of ingots to rise

« The dollar has recently emerged as the biggest influence on gold … and the fact that the greenback fell from its two-month highs [Monday] gave gold a favorable wind », said wrote analysts at Sevens Report Research in a Tuesday newsletter

« Gold prices have formed a short term support zone between $ 1,850 and $ 1,860 which should allow futures contracts to recover the $ 1,900 mark in the coming sessions But the risk of a continued pullback to $ 1,800 still exists, especially if there is another higher peak in the dollar index, ”they said.

Tuesday, the gold of December

rose $ 20 90 or 11%, to settle at $ 1,903 20 an ounce, after a 09% rise on Monday The metal has not posted consecutive daily gains for a three-day period ended September 16, FactSet data shows Prices based on most active contract settled at highest since September 22

Tuesday’s dollar was down 04%, as measured by the ICE US Dollar Index
Showing FactSet data The index is down 08% so far this week, after posting a weekly 1Hike of 9% on Friday

Gold and silver prices came under pressure last week due to the greenback mini rally, which may make assets valued in the currency relatively more expensive for foreign buyers

Gold enthusiasts and some commodities experts say gold remains an important long-term investment, given lingering concerns about the global economy and monetary policies being implemented to tackle the COVID pandemic -19

Analysts say demand from exchange-traded funds, which must buy gold to mimic the performance of the commodity, has also been a key driver of price gains

“Fundamentally, despite the recent price slowdown, demand for ETFs remains stellar, as central banks continue to print money to mitigate the impact of the economic crisis generated by COVID, a scenario that is expected to last at least the whole of 2021, ”wrote Carlo Alberto De Casa, chief analyst at ActivTrades, in a daily note

The Gold Focus ETF, the SPDR Gold Trust ETF

is up over 19% so far this week and nearly 25% so far this year, while the iShares Silver Trust
has grown 36% since the start of the year

Meanwhile, the December money

picked up 84 cents, or 36%, at $ 24.445 an ounce on Tuesday, following a 2% advance of 2% for the sister metal of gold in the previous session

December copper
settled unchanged at $ 2.99 per pound October Platinum
fell 06% to $ 887.50 an ounce, while December’s palladium
nailed on 25% at 2329 $ 30 an ounce

Myra P Saefong, Deputy Global Markets Editor, has been covering the commodities sector for MarketWatch for 20 years.She has spent most of her years at the company writing the daily columns for Futures Movers and Metals Stocks and writing the weekly Commodities Corner column since 2005

Mark DeCambre is MarketWatch’s Markets Editor He is based in New York City Follow him on Twitter @mdecambre

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World news – United States – Gold prices rise to the top $ 1,900 for a better result in one week



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