FXTM: 'Dollar Always Has The Final Say' In Gold Price Moves
Gold is on the defensive as the metal remains under the influence of the stronger U.S. dollar, says Lukman Otunuga, research analyst at FXTM. “The price action witnessed in recent weeks confirms how the dollar always has the final say in where the yellow metal trades,” the analyst says. “Although the unfavorable market conditions and geopolitical risk factors have attracted investors towards safe-haven gold, the precious metal remains governed by ‘King Dollar.’” Technically, the analyst says, there is strong resistance at $1,228. “Sustained weakness below this level could inspire a move back down towards $1,218,” Otunuga adds. As of 7:39 a.m. EDT, spot gold was $3.65 lower to $1,222.50 an ounce. The December U.S. dollar index was up 0.12 point to 96.705.
By Allen Sykora of Kitco News; firstname.lastname@example.org
Commerzbank: ETF Gold Holdings Higher So Far In November
Friday November 23, 2018 07:58
Gold exchange-traded funds tracked by Bloomberg had registered inflows of nearly 17 tonnes of the precious so far this month as of a Thursday report by Commerzbank. The ETFs trade like a stock but track the price of the commodity, with metal put into storage to back the shares. A rise in gold prices Wednesday, ahead of the U.S. Thanksgiving holiday on Thursday, was accompanied by ETF buying, Commerzbank adds.