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Monday, October 15th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Gold Bullish Again, Against Weaker Dollar

Gold has shown signs of recovery after suffering its worst weekly loss since 2009.

On Monday, gold showed extended gains against a weaker US dollar. Spot gold rose to US$1,501.50 an ounce, an increase of half a percent, compared to the 4.5 per cent fall of last week. COMEX gold rose to US$1,501.40, an increase of 0.7 per cent.

However, Wang Tao, market analyst at Reuters, said technical analysis suggests that gold may still fall to US$1,462.00.

A Barclays Capital research note reported that‘‘Longer-term investor interest in gold remains robust, with ETP inflows of 40 tonnes in April and further substantial buying from central banks, but we expect demand from Asia to cushion the downside.”

US silver futures, meanwhile, rose with nearly three per cent as a result of investors making the most of the price free-fall of last week by entering the market. “From a medium-to-long term perspective, $US35 is a reasonable level to buy,” a Tokyo-based trader noted.

Spot silver rose to US$36.55, an increase of 0.2 per cent, while COMEX silver rose to US$36.31, an increase of 2.9 per cent. This follows last week’s fall of 27 per cent – the biggest weekly loss since 1980.

“It is too early to say that silver has started to rebound, as it is still stuck in a descending channel. What will eventually decide the price trend in precious metals is the US monetary policy,” the Tokyo-based trader added.

The US is due to release its consumer price data for April this week, which may shed some light on the central bank’s future moves in monetary policy. Speculation is also mounting on what the Federal Reserve will do after the June stimulus package is rolled out.


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