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Gold's uptrend continues as investors bet on more gains
Gold prices firmed on Thursday, retreating from earlier eight-week highs above $1,750 an ounce as the dollar strengthened and equity markets eased, but firmly underpinned by strong investment appetite for the precious metal.
Spot gold was up 0.1 percent at $1,745.24 an ounce at 5:25 a.m. ET, while U.S. gold futures for February delivery eased 50 cents an ounce to $1,749. Spot prices earlier peaked at $1,753.20, their highest since December 8.
Gold has risen nearly 12 percent this year, extending a correction from December’s lows after the Federal Reserve pledged to hold U.S. interest rates at rock bottom for an extended period, keeping the dollar under pressure and the opportunity cost of holding non-interest bearing bullion low.
“We have a new short-term uptrend,” said Andrey Kryuchenkov, an analyst at VTB Capital. “There is enough investor appetite, as it seems many who fear missing the next leg up in gold are ready to move in.
“I reckon most markets will take a breather today ahead of non-farm payrolls tomorrow, but it seems gold could well push to $1,760,” he added. “Small-scale buying is yet supportive.”
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