Gold heads to three-month high as dollar slips

Economies.com
2022-11-18 09:03AM UTC

Gold prices rose in European trade after a two-day hiatus from gains off three-month highs, as the dollar declines against major rivals. 

 

Gold is thus solidly heading for the third weekly profit in a row amid signals of improved demand on the metal as a safe haven and amid mounting economic risks. 

 

Prices Today

 

Gold Prices rose 0.4% today to $1,766 an ounce, after falling 0.8% on Thursday, the second loss in a row on profit-taking off three-month highs at $1,786. 

 

The Dollar

 

The dollar index fell 0.3% on Friday, resuming the losses after a rebound yesterday from three-month lows at 105.34 against major rivals. 

 

Markets still expect a 90% chance of a 0.5% rate hike by the Federal Reserve next month despite the spate of bullish remarks by Fed officials. 

 

Weekly Tradings 

 

Gold is near three-month highs at $1,786, and is heading solidly to the third weekly profit in a row, provided the dollar avoids new surges today.

 

The SPDR

 

Gold holdings at the SPDR Gold Trust remained flat yesterday at a total of 906.35 tones.

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