Gold Daily News - The price of gold is drifting lower from Monday’s local high
|The gold futures gained 0.04% on Wednesday, as it extended its short-term consolidation. So the FOMC Monetary Policy Statement release didn’t bring much volatility. On last week’s Wednesday gold has bounced off $1,550 level, and since then it gained almost 2.5%. This week, the price of gold is drifting lower from Monday’s local high of $1,588.40. The market has retraced some of its move lower from the January 8 medium-term high.
Gold is currently 0.2% higher, as it continues to trade within a short-term consolidation following the recent advance. What about the other precious metals? Silver gained 0.2% yesterday, so it basically fluctuated following Tuesday’s sell-off. It is currently 1.2% higher, as it retraces some of the mentioned decline. The platinum is 0.2% lower, as it continues to trade below $1,000 mark. The palladium is 0.4% down. That metal has retraced just some of its recent sell-off from new record highs.
The financial markets are watching the China virus crisis developments again. The stock market sentiment has worsened, but gold doesn’t react on it. Investors will wait for today’s U.S. Advance GDP number release at 8:30. Will it be a game-changer? Probably not, because the profit-taking action following quarterly earnings releases shows that bullish news may be already priced in.
Want free follow-ups to the above article and details not available to 99%+ investors? Sign up to our free newsletter today!
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.