The gold futures contract gained 0.54% on Thursday, as it extended the recent advance even further above $1,600 mark. The price of gold has reached new medium-term high of $1,626.50. It is the highest since 2013. Investors keep buying the safe-haven asset despite rising U.S. dollar. Today gold is higher again.
Gold is extending its short-term uptrend again this morning, as it is gaining additional 0.9%. What about the other precious metals? Silver gained just 0.04% on Thursday, as it remained above the late January local high. This morning it is 0.7% higher. Platinum lost 2.54% yesterday, and today it is 0.6% higher. The metal got back below $1,000 mark. Palladium accelerated the uptrend recently and yesterday it went sideways, as it gained just 0.11%. Palladium price is 0.9% higher today.
The financial markets went risk-off yesterday despite a better-than-expected Philly Fed Manufacturing Index release. Was it just profit-taking action or some downward reversal? Falling stock prices gave additional boost to gold price advance. Today, the markets will await the important Flash Manufacturing PMI and Flash Services PMI numbers release at 9:45 a.m. We will also have the Existing Home Sales release at 10:00 a.m.
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' employees and associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
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