- Gold prices gained nearly 1% to cap a fifth consecutive weekly increase and a fresh four-month high, supported by a weaker dollar and potential signs of rising U.S. inflation.
- February Comex gold rose $12.40, or 0.9%, to settle at $1,334.90/oz., the highest for a most-active contract since Sept. 11, 2017.
- The euro jumped to a three-year high today after German Chancellor Merkel's conservatives and the top opposition party reportedly agreed on a blueprint for formal coalition negotiations, "weakening the U.S. dollar, which is one of the reasons why gold is firmer this morning," says Quantitative Commodity Research's Peter Fertig.
- Some analysts have said stronger U.S. economic data could weigh on gold prices if it gives the Fed a freer hand to raise interest rates more aggressively than expected, but Logic Advisors co-founder Bill O’Neill says today’s data should not change expectations for the Fed's plans.
- Also, March silver gained 1% to $17.14/oz., March copper slipped 0.5% to $3.219/lb., palladium jumped 2.7% to a record settlement of $1,105.35/oz., and platinum added 0.6% to $996.20/oz.
- ETFs: GLD, SLV, IAU, AGQ, PSLV, PHYS, USLV, PPLT, SIVR, PALL, SGOL, UGLD, ZSL, UGL, SLVO, DGP, GLL, GTU, GLDI, OUNZ, DSLV, DZZ, DGL, DGLD, DBS, PTM, DGZ, PGM, GYEN, GEUR, GLDW, GHS, UBG, USV, SHNY, QGLDX, GHE, DULL
- Now read: Precious Metals On The Cusp Of A Bullish Breakout?
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