The price of gold hit its highest level in four months today as the United States dollar dropped. Spot gold climbed to $1,332.52 per troy ounce. Gold is up 0.5 percent for the week so far and the streak of weekly gains is the most since the week ending April 14.
U.S. gold futures were up 0.3 percent at $1,326.90 an ounce.
The dollar index, which measures the greenback against six rival currencies, fell to its lowest since September 20, 2017, at 91.689.
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We had been mentioning in our forecasts over the last couple of days of how the gold prices continue to look strong despite the fact that the dollar has been gaining in strength and despite the return to full liquidity of the market.
"There is a lot of doubt on how long prices have run from here. Prices have only risen despite the Fed raising interest rates and main driver has been the U.S. dollar, which we continue to see help gold run higher in the first quarter", said Brian Lan, managing director at dealer GoldSilver Central in Singapore.
Spot gold is expected to test a resistance at $1,329 per ounce, with a good chance of breaking above this level and rising more to the next resistance at $1,341, according to Reuters technical analyst Wang Tao.
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"There was some strong buying out of China on Friday suggesting some physical demand ahead of Lunar New year", said Stephen Innes, APAC head of trading at Oanda. This goes against convention and fundamentals and it is indeed a surprise that the gold prices are here with the stock markets making all time highs around the world, the crypt industry doing decently well and the demand for gold having hit a plateau over the a year ago or so but then, this is the market and generally there is not much logic into what goes on in the markets in the short term.
Among other precious metals, spot silver rose 0.8% to $17.11 U.S.an ounce. Platinum was on track for its fifth straight weekly gain.
Palladium was up 0.5% at $1,088.50 U.S.an ounce, after dropping to a more than one-week low at $1,075.50 US on Thursday.
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