Part of the Stock Digest group of websites: Visit Tech Stock Digest  

Gold Flirts With $1,300

Gold futures climbed above $1,300 an ounce for the first time in six weeks as the dollar wavered and investors braced for an onslaught of economic data and political news.

Bullion rose for the third time in four days as a gauge of the dollar traded close to the lowest since September. A report later this week is forecast to show the Fed’s preferred gauge of inflation slowed in October, after Chair Janet Yellen cautioned last week that raising rates too quickly risks stranding inflation below the central bank’s target.

Bullion is up almost 13 percent since Dec. 31, on course for the best year since 2010, as geopolitical uncertainty underpins demand for the metal as a haven and divisions among U.S. central bankers persist over the path of rate policy. Low rates boost the appeal of non-interest-bearing assets such as gold. Meeting minutes published last week showed several Fed policy makers were concerned about low expectations for consumer-price gains.

“A weaker dollar underpinned gold and traders are covering shorts,” George Gero, a New York-based managing director at RBC Wealth Management, said in an email. Asset allocators “are closely watching” the $1,300 level, he wrote.

Bullion futures for February delivery climbed 0.5 percent to settle at $1,298.90 an ounce at 1:33 p.m. on the Comex in New York. A most-active contract hasn’t traded above $1,300 since Oct. 16.

Gold prices should continue to head higher, averaging $1,300 in 2018, BMI Research said in a report. Futures have averaged about $1,260 this year.

Click here to continue reading...

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.

MARKET SUMMARY

INDICES

Name Last Change
DOW 24792.20 0.57%
S&P 500 2690.16 0.53%
NASDAQ 6994.76 0.83%
TSX 16131.64 0.56%
TSX-V 807.51 0.00%

Resource Commodities

Name Last Change
Gold 1261.70 0.00
Silver 16.05 0.00
Copper 3.11 1.98%
Platinum 911.00 1.61%
Oil 57.30 0.45%
Natural Gas 2.61 2.76%
Uranium 24.25 N/A
Zinc 1.44 0.00%

@RSDigest ON TWITTER

Part of the Stock Digest family of websites
Small Cap Stock Digest