Gold marked its biggest weekly gainer in more than 4 months, with a decline in USD boosting demand for the precious Yellow metal as an alternative asset.
The Buck slipped Vs all of its peers, on track to erase its Y 2019 gains.
Gold has gained 18% this year, it is getting help from easier monetary policy across the world’s leading economies and sustained buying from ETFs and central banks.
Gold topped 1,500 oz this week on the way to its best year since Y 2010, helped by bets that simmering trade and geopolitical tensions will spur further gains in Y 2020. With the Fed expected to keep interest rates steady next year following 3 cuts in Y 2019, most traders and analysts in a weekly survey are bullish.
“Gold continues in its new trading range of 1,480-1,530, supported by investors looking into next year’s upcoming political, economic and trade and tariff headlines,” a managing director at RBC Wealth Management, said in an e-Mailed note Friday.
Gold futures for February delivery rose 0.2% to settle at 1,518.10 o at 1:30p on the COMEX in New York, after touching 1,519.90, the highest since 25 October, and prices were up 2.5% on the week, the biggest weekly gainer since 9 August.
Trading volumes are low, “warning that the magnitude of these moves might owe more to illiquidity than conviction,” a DailyFX strategist said. “It will be interesting to see what happens as overall market participation rebuilds in January.”
In other precious metals
COMEX silver slipped, while on the New York Merc, Platinum futures fell and Palladium rose. All 3 posted weekly gains.
Have terrific Holiday weekend