Inflation worries push up gold

GOLD continued to push higher on inflation concerns, even as the US dollar strengthened.
Inflation worries push up gold Inflation worries push up gold Inflation worries push up gold Inflation worries push up gold Inflation worries push up gold

Ole Hansen

Comex gold was at US$1868.70 an ounce. Futures rose from $1854/oz at midweek to as high as $1873/oz.
 
"Gold continues to trade near $1870 resistance despite seeing the dollar hit a fresh one-year high and real yields trading firmer since yesterday," Saxo Bank head of commodity strategy Ole Hansen said.
 
"Gold is showing a great deal of strength considering these major headwinds, but the question remains if the market has enough momentum to break higher towards $1900.
 
"Ahead of last week's CPI shocker, hedge funds had already been loading up on futures exposure with the net long jumping 48% to 146,000 lots in the week to November 9."
 
Lead was the worst of the base metals, down 2.9%, while copper lost another 1.6%.

 

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