Gold rallies despite a strong dollar and high bond yields
A weekly market summary for gold, Nov 15-19
DeeperDive is a beta AI feature. Refer to full articles for the facts.
GOLD has rallied 3.6 per cent since the start of the auspicious month of November to trade buoyantly around US$1,866 an ounce on Friday (Nov 19). Last week, the yellow metal broke through the resistance at US$1,840, a level which it had tested 4 times this year but failed, only to retreat below US$1,800 on the onslaught of selling pressure.
The intra-month trading range of the yellow metal in November had been impressive compared to past few months. Gold for February delivery on the Comex Exchange had a trading range of almost US$120, from a low of US$1,760 to a high of US$1,880.
Gold's positive return in October and the first 3 weeks of November has been a reversal of its weaker performance this year. The stronger performance had been attributed to seasonality, as well as worries about persistent inflation.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Middle East-linked energy supply shocks put Asean Power Grid back in focus
New CPF life-cycle investment scheme could channel up to S$9 billion a year into Singapore stocks: Citi
Keppel divests i12 Katong mall for S$372 million
COEs: Mainstream car category tops bidding at S$123,010 as demand ‘just too strong’