Breaking News

Gold Makes New $1,300 Peaks Ahead of Fed

CommoditiesJan 28, 2019 02:12PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. - Hopes of the Federal Reserve holding on rates is flushing more bulls out of the dollar and into gold, driving the yellow metal to near eight-month highs above $1,300.

On the New York Mercantile Exchange's Comex division, the most-active futures contract settled up $5.10, or 0.4%, ar $1,309.30 per ounce.

The spot price of gold traded at $1,302.88 per ounce by 1:40 PM ET (18:40 GMT), after reaching $1,304.49 earlier, its highest since early June.

The rally in the yellow metal came as the dollar continued to sink on bets that Federal Reserve Chairman Jerome Powell might sound another dovish note in his Wednesday news conference after the central bank’s monthly meeting, where the Fed is widely expected to hold interest rates steady.

The Fed raised rates four times last year. Since then, Powell has indicated a willingness to be "patient" with monetary tightening, saying it will be based more on economic performance as a whole rather than just inflation. Other Fed governors have also suggested they might tilt toward keeping rates flat for a while.

The dollar index, a contrarian trade to gold and which measures the greenback against six major currencies, hit two-week lows on Monday.

Investors in precious metals are also awaiting the outcome of U.S.-Sino trade talks, which resumes in Washington this week ahead of a March 1 deadline for a deal that would avert further U.S. tariffs on Chinese exports to America. The dollar rallied last year as the yuan slumped on worries over the trade war, although the Chinese currency has rebounded lately, weighing on the dollar.

The spot price of palladium traded at $1,332 per ounce, down $30.90, or 2.3%..

Spot palladium hit all-time highs of $1,440.35 on Jan. 17, making it the world's most valuable traded metal currently, although gold had reached record highs above $1,900 previously.

The most-active palladium futures contract on Comex fell $27.15, or 2.1%, to $1,292.65 per ounce.

In other precious metals on Comex, silver futures gained 6.3 cents, or 0.4%, to $15.76 per ounce.

Platinum futures slid by $4.90, or 0.6%, to $813.40 per ounce.

In base metals,copper fell 4.8 cents, or 1.8%, to $2.68 per pound.

Gold Makes New $1,300 Peaks Ahead of Fed

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email