Wednesday, January 11, 2017
Gold Prices Rise to Six-Week High
An uptick in jewelry demand ahead of the Lunar New Year is giving the precious metal a boost.
By
ED BALLARDUpdated Jan. 10, 2017 3:01 p.m. ET
1 COMMENTS
Gold prices closed at the highest level in six weeks Tuesday, helped by an uptick in jewelry demand ahead of the Lunar New Year and investors covering their short positions.
Gold for February delivery settled up 0.1% at $1,185.50 a troy ounce on the Comex division of the New York Mercantile Exchange, the highest close since Nov. 29.
“Gold seems to be behaving true to January form at the moment, with physical demand picking up ahead of the Chinese Lunar New Year [on Jan. 28] and investors starting to buy as the great unknown of the Trump presidency looms,” wrote David Govett, head of precious metals at brokerage firm Marex Spectron.
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The precious metal erased gains after trading as high as $1,190.60, as the dollar made a comeback from the day’s losses. A weaker greenback makes dollar-priced commodities cheaper for holders of other currencies. The WSJ Dollar Index was recently up 0.1% at 92.70.
“We think that the U.S. dollar is likely to continue to consolidate and this should help keep gold supported,” wrote Joni Teves, precious metals analyst at UBS, in a note to clients.
“A lot of optimism with regards to the prospect of fiscal policy boosting U.S. growth looks already priced in, and as such more evidence may now be needed before U.S. yields and the dollar can move sustainably higher,” she said.
Ms. Teves said gold may also benefit from investors buying to hedge their bets that the price will fall. The most recent market positioning data from the Commodity Futures Trading Commission shows investors in gold futures have amassed their largest bearish position in nearly a year.
“This raises the risk of short-covering up ahead and could make the market relatively more vulnerable to upside catalysts in the near term,” Ms. Teves said.
—Stephanie Yang contributed to this article
Gold prices traded at their highest levels in six weeks Tuesday. PHOTO: AKOS STILLER/BLOOMBERG NEWS
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