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Thursday, December 2, 2021

Gold Makes Modestly Higher Oct. Debut

Gold Makes Modestly Higher Oct. Debut

By Barani Krishnan

Investing.com – In a sign that its worst may be over — for now that is — gold made a modest gain as trading for October began, joining most risk assets trying to recover from September’s hellish ride.

A retreat in both the dollar and U.S. bond yields also helped gold post a second straight week of gains, small as they may be.

U.S. gold futures’ most active contract, December, settled Friday’s trade at $1,758.40 per ounce on New York’s Comex, up $1.40, or 0.1%.

For the week, it managed a 0.4% gain despite Thursday’s 2% trouncing that contributed to September’s torrid loss of 3.4%.

“We may be seeing gold enjoy some safe-haven flows as the outlook becomes increasingly more uncertain,” said Craig Erlam, analyst at online trading platform OANDA.

“It will be interesting to see if it can maintain these gains if risk aversion continues in the coming weeks. Many obstacles remain to the upside which will make any ascent very challenging. The first of these is $1,760, where it ran into resistance yesterday, followed by $1,780.”

Source: Investing.com

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