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Gold prices traded marginally higher right around the $1,800 per ounce mark following last week’s selloff as the yellow metal benefited from a slightly softer dollar and stronger crude-oil prices.
Price action
-
Gold for February delivery
GCG23,
+0.07%
GC00,
+0.07%
climbed $2, or 0.1%, to $1,802 per ounce on Comex, according to FactSet data. -
March silver
SIH23,
+0.39%
SI00,
+0.39%
climbed 6 cents, or 0.2%, to $23.39 per ounce. -
March palladium
PAH23,
+0.05%
fell $9.60, or 0.6%, to $1,697 per ounce, while January platinum
PLF23,
-0.07%
rose $2.20, or 0.2%, to $1,002 per ounce. -
March copper
HGH23,
+0.72%
climbed 3 cents, or 0.9%, to $3.796 per pound.
Market drivers
Markets were in a “mildly friendly posture” toward gold and silver in early trade as the U.S. dollar weakened against its main rivals, according to Jim Wyckoff, senior analyst at Kitco.com.
Gold bulls still have the “near-term technical advantage” Wyckoff added, even as a six-week-old rally has started to fade.
The ICE U.S. Dollar Index
DXY,
a gauge of the dollar’s strength against a basket of rivals, fell 0.1% to 104.63.
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