Gold Ends Week Uneventfully After Almost Reentering $1,800 By

© Reuters.

By Barani Krishnan – Gold ended the week uneventfully despite coming precariously close to the $1,800 level that would have been key for it to recapture last year’s highs.

on New York’s Comex hit a nine-week high of $1,796.15 an ounce in Friday’s early trade, coming less than $4 from cracking the $1,800 resistance.

The metal, however, could not sustain the upward momentum and settled the session down $4.20, or 0.2%, at $1,777.80 an ounce, extending the 0.6% drop seen on Thursday.

The combined two-day loss left Comex gold’s front-month down 0.1% on the week as it finished below last Friday’s close of $1,779.

The of gold rose to as high as $1,795.94, before trading at just above $1,776 by 3:45 PM ET (19:45 GMT). Moves in spot gold are integral to fund managers, who sometimes rely more on it than futures for direction.

It was a crushing disappointment for longs in the yellow metal who had been counting on a more meaningful advance after repeatedly approaching the $1,800 resistance this week. The last time Comex gold traded above that level was on Feb. 25.

With the Federal Reserve’s monthly meeting due next Wednesday, analysts said gold prices were likely to drift without substantive guidance from the U.S. central bank.

“Dampening demand for safe-havens has capped the rally in gold,” said Ed Moya, analyst at New York’s OANDA. “Gold prices will likely consolidate leading up to the Fed between $1,760 and $1,800.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
reporterwings Governmental News Finance News

Source link

Back to top button