Gold rises for first day in 3 on falling dollar

Economies.com
2022-01-17 11:42AM UTC

Gold prices rose on Monday, rising for the first time in 3 days, as the US dollar fell against its peers, thanks to growing demand for the precious metal, which might push it to new all-time highs.

 

Gold prices rose 0.3% to $1,823.21 an ounce, after opening at $1,817.83, and hit a high of $1,813.07.

 

Gold closed lower by 0.2% on Friday, the second straight daily loss, due to profit-taking from a 2-week high of $1,829.12 an ounce.

 

Gold prices gained 1.2% last week, the fourth weekly gain in 5 weeks, and the largest weekly gain since last November.

 

The dollar index fell 0.1% today, reflecting the halt in the greenback's rebound from a 2-month low against a basket of major currencies, which is in favor of gold and other dollar-denominated metal prices.

 

Investors await fresh data on the pace of new evidence supporting rate hikes in the US this year and changing the general budget of the Federal Reserve.

 

Gold stocks at the SPDR ETF remained unchanged on Friday, with the total at the lowest since December 28 of 976.21 metric tonnes.

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Technical Analysis

Commodities

Wheat price returns to the bullish correction – Forecast today - 29-03-2024
2024-03-29 01:50AM UTC
Wheat Price Analysis Expected Scenario: Continuing Bullish Momentum Wheat price rallied ...
Technical Analysis

Commodities

Sugar price completes the positive pattern – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Sugar Price Analysis Expected Scenario: Continuing Bullish Trend Sugar price managed to breach ...
Technical Analysis

Commodities

Soybean price keeps the positive stability – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Soybean Price Analysis Expected Scenario: Continuing Bullish Trend Soybean price attempted to ...