Gold recoups previous week’s losses as dollar steadies


Reuters, via CNBC/10-09-17

Gold rose on Monday, erasing all of the previous week’s losses, as a steadier dollar and the resilience of a key chart level removed some downward pressure, while the return of Chinese buyers to the market also lent support.

Prices fell for a fourth week to hit a two-month low on Friday, after an upbeat reading of U.S. wage growth and unemployment supported expectations for a U.S. interest rate hike in December, pushing the dollar and Treasury yields higher.

Gold’s resilience above its 200-day moving average at $1,253 an ounce provided some reassurance to buyers, however, helping it rebound.

…”For the time being, gold may have bottomed out,” ABN Amro analyst Georgette Boele said.

Share
This entry was posted in Gold News, Gold Price, Gold Views. Bookmark the permalink.

Comments are closed.