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Gold Hits 2-Week High, but Seen Mostly Range-Bound for Now
© Reuters.
Investing.com - Gold hit two-week highs on Wednesday, demonstrating its comfort at the $1,200 perch.
But a game-changer is needed if the market is to break out of its recent range.
Brexit turmoil, stock market jitters, trade wars and the potential for U.S. sanctions against Saudi Arabia for the murder of journalist Jamal Khashoggi are among factors supporting the yellow metal from falling to the $1,100 level, traders said.
"Gold is still a haven for many, but needs more open interest and more higher closes over the $1235-$1250 level to attract asset allocators," said George Gero, precious metals analyst at RBC Wealth Management in New York.
Walter Pehowich, executive vice president at Dillon Gage Metals in Addison, Texas, concurred.
"For the time being, I expect the price of gold to find its way higher, at a slow and steady pace, as investors convert their stock holdings into other products," Pehowich said. "An accelerated pace can occur if there is any news from the Fed that they might be thinking of pausing their aggressive interest rate posture."
The Federal Reserve is widely expected to raise U.S. interest rates for a fourth time this year at its December meeting.
COMEX gold futures for December delivery settled up $6.80, or 0.5%, at $1,228 per troy ounce. The session high was $1,230.80, a peak since Nov. 6.
The dollar index, a contrarian bet to gold, was down 0.1% at 96.59.
Among other precious metals on COMEX, silver jumped 1.6% to $14.50 per ounce.
Palladium gained 0.6% to $1,132.30 per ounce, while sister metal platinum rose 0.4% to $850.50.
In base metals, COMEX copper rose 0.9% to $2.79 per pound.
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