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.

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