Gold Price Analysis: At session highs, ascending triangle on hourly chart
Gold is trading at a session high of $1,967 per ounce, representing a 0.57% gain on the day, The yellow metal is drawing bids amid sustained weakness in the US dollar, the yellow metal’s biggest nemesis.
The dollar index, which tracks the value of the greenback against majors, is currently trading at 92.66 – the lowest level since May 2018.
Gold eyes first double-digit monthly price gain since February 2016
Gold is currently trading at $1,970 per ounce, representing a 10.5% gain on a month-to-date basis, having hit a record high of $1,981 on Tuesday.
If these gains are held through Friday’s NY close, the resulting double-digit monthly gain would be the first since February 2016.
The rally could be attributed to the dollar sell-off and negative yields on the US Treasury inflation-protected securities (TIPS). The dollar index fell to a 26-month low of early Friday, taking the month-to-date decline to 4.86%. Meanwhile, the 10-year real or TIPS yield fell to a record low of -0.90% earlier this week.
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