Broker of the Week Oanda - Read Full Review

Free Top Brokers Comparison Service


Gold prices try to extend climb to 2-week peak, head for 3rd straight gain


Gold futures on Thursday were moving slightly higher for a third straight day in choppy trade as the precious metal extended its climb above a roughly two-week peak, a day after the inauguration of Joe Biden as the 46th U.S. president.

A weakening U.S. dollar and expectations that the Biden administration will support government spending to help boost the virus-hobbled economy is also helping to give gold support, after the precious metal had been teetering near a level near $1,800.

“Gold is steady to higher after yesterdays strong gains and is now nearing a technical breakout that will possibly take it closer to the $2000 level after completing a consolidation phase near the low $1800 range,” wrote Peter Cardillo, chief market economist at Spartan Capital Securities, in a daily note.

February gold
 climbed $2.50, or 0.1%, to reach $1,869 an ounce, after rising 1.4% on Wednesday to the highest finish for a most-active contract since Jan. 7, FactSet data show.

“The presidency of Joe Biden started with expectations for a new stimulus and with a new rally for the bullion price,” wrote Carlo Alberto De Casa, chief analyst at ActivTrades.

Meanwhile, silver for March delivery 
added 16 cents, or 0.6%, to reach $25.93 an ounce, following a rise of 1.8% advance in the prior session.

Commodity dealers also were watching central bank moves as the European Central Bank, as expected, made no changes to interest rates or its asset-buying program on Thursday after moving last month to bolster its efforts to support the eurozone economy. 

The ECB also will continue its asset purchase program at a pace of 20 billion euros a month. ECB President Christine Lagarde was set to hold a news conference at 8:30 a.m. Eastern.


Source link

We will be happy to hear your thoughts

Leave a reply

Trading foreign exchange on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

Advertiser Disclosure: helps investors across the globe by spending over hours each month testing and researching online brokers.

How do we make money? Our partners compensate us through paid advertising.

While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site.

Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data.

Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective.

While has some data verified by industry participants, it can vary from time to time.

Operating as an online business, this site may be compensated through third-party advertisers.

Our receipt of such compensation shall not be construed as an endorsement or recommendation by, nor shall it bias our reviews, analysis, and opinions.

Best Forex Brokers Reviews
Reset Password
Compare items
  • Total (0)