By Gold has reached a fresh six-week high, with traders pushing the yellow metal up in anticipation of it reclaiming the $2,000 level, according to analysts.
Price Action
- Gold futures for August delivery (GC00) gained $3.50, or 0.2%, reaching $1,984 an ounce on Comex.
- Silver futures for September delivery (SI00) rose by 2 cents, or 0.1%, to $25.41 per ounce.
- October platinum (PLV23) lost $2.80, or 0.3%, reaching $982 per ounce.
- Palladium for September (PAU23) fell by $11.90, or 0.9%, to $1,295 per ounce.
- September copper (HGU23) gained 7 cents, or 1.9%, climbing to $3.87 per pound.
Market Drivers
Craig Erlam, senior market analyst at OANDA, noted that gold prices are inching higher, with bullish traders focused on the $2,000 per ounce mark. After encountering resistance at around $1,980, the yellow metal has made small gains.
Typically, the price of gold is impacted by higher yields and a stronger dollar. However, rising gold prices indicate that traders believe it will soon reach the $2,000 per ounce level.
The 10-year Treasury note yield (TMUBMUSD10Y) increased by 5 basis points to 3.790%, while the ICE U.S. Dollar Index (DXY) remained flat at 100.30.
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