Gold prices traded marginally higher right around the $1,800 per ounce mark following last week's selloff as the yellow metal benefited from a slightly softer dollar and stronger crude-oil prices. Read More...
Gold prices traded marginally higher right around the $1,800 per ounce mark following last week’s selloff as the yellow metal benefited from a slightly softer dollar and stronger crude-oil prices.
Price action
- Gold for February delivery GCG23, +0.07% GC00, +0.07% climbed $2, or 0.1%, to $1,802 per ounce on Comex, according to FactSet data.
- March silver SIH23, -0.12% SI00, -0.12% climbed 6 cents, or 0.2%, to $23.39 per ounce.
- March palladium PAH23, -1.47% fell $9.60, or 0.6%, to $1,697 per ounce, while January platinum PLF23, -0.22% rose $2.20, or 0.2%, to $1,002 per ounce.
- March copper HGH23, +0.57% climbed 3 cents, or 0.9%, to $3.796 per pound.
Market drivers
Markets were in a “mildly friendly posture” toward gold and silver in early trade as the U.S. dollar weakened against its main rivals, according to Jim Wyckoff, senior analyst at Kitco.com.
Gold bulls still have the “near-term technical advantage” Wyckoff added, even as a six-week-old rally has started to fade.
The ICE U.S. Dollar Index DXY, -0.07%, a gauge of the dollar’s strength against a basket of rivals, fell 0.1% to 104.63.
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