US Gold Futures Mark 3rd Gainer Running, at 6-year Highs, Bulls in Charge

US Gold Futures Mark 3rd Gainer Running, at 6-year Highs, Bulls in Charge

$XAUUSD, $XAU, $GLD, $GDX

Tuesday, Gold prices fnished higher, marking a 3rd straight gainer a day after the precious Yellow metal extended its rally toward fresh 6 year highs.

Gold for Dec delivery GCZ19, +0.68%  on COMEX rose $7.70, or 0.5%, to settle at $1,484.20 oz, after closing 1.3% higher Monday, extending its highest finish for a most-active contract close since Y 2013, according to market data.

Gold has gained momentum since December 2018 on worries that the US-China tariff dispute will not subside soon. An environment with debt yields also hanging at ultra-low levels, and in many cases are negative. This market condition supports the buying of gold, which tends to rise during times of economic uncertainty.

Commodity traders say gold and other precious metals can prosper against a backdrop of weakening global economic growth and continued concerns on international trade with no immediate resolution in sight.

ETF SPDR Gold Shares GLD, +0.11% is up 14.6% YTD after climbing 0.9% Tuesday afternoon, while the miner-focused VanEck Vectors Gold Miners ETF GDX, +0.28%, flat to little changed on the day, has returned 36% YTD.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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