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Gold rallies toward deal plans, then pulls back ahead of inflation data
Comex December gold peaked at $4,495.0 an ounce, then eased to $4,440.0 by midday as crude prices turned higher before the US inflation reading.
Gold prices climbed to the highest level in almost two months on Tuesday as traders assessed signs of movement toward a deal to reopen the Strait of Hormuz, but bullion retreated after oil turned higher again and investors positioned ahead of a US inflation release that could affect Federal Reserve rate expectations, Mining.com reported.
Comex December gold touched $4,495.0 an ounce, up 1.7%, before fading to $4,440.0, a 0.5% gain by midday New York time. Spot gold was little changed near $4,395 after rising as much as 1%.
Saxo Bank analysts said gold must hold a key support zone around $4,360 to $4,370 an ounce for the rally to continue, warning that headwinds from oil, yields and the US dollar could drive consolidation if that level breaks, according to the Bloomberg note cited by Mining.com.
In related metals, Comex September silver rose as much as 2.2% to $66.685 an ounce before reversing to $65.035, down 0.4%, while spot silver fell about 1%. The same coverage noted platinum was flat and palladium fell 0.9%, and that some Pakistan signals pointed to potential agreement steps aimed at easing tensions affecting energy markets.
Latest closeGold $4,448.60 ▲2.5%|Silver $65.88 ▲4.0%|Platinum $1,764.10 ▲0.8%