BULLION LATEST 09/11: Gold retreats from overnight highs as dollar rebounds

Gold prices were down in Asian morning trading on Thursday November 9 following the rebound in the US dollar, although support from geopolitical risks and technical factors remains in place.

The spot gold price was recently quoted at $1,280.80/1,281.15 per oz, down $0.70 from the previous trading day’s close. Trade has ranged from $1,280.05 to $1,282.30 so far today.

  • “Investors remain on edge as President Trump tours Asia. His latest comments about North Korea kept the geopolitical risks in the spotlight,” said ANZ bank in a note.
  • “The precious metal was also supported by the technical, with prices seemingly pegged to the 100-day moving average. The troubled progress of the Republicans tax reform bill helped support gold prices,” ANZ added.
  • “Gold has resistance at 1287.00, the overnight high followed by the much more formidable daily double top[ at 1291.50. Support appears at 1275.00 and then 1271.50 followed by trend line support at 1266.50,” Jeffrey Halley, senior market analyst at OANDA said.

Silver and PGMS rise

  • In the other precious metals, the spot silver price was up $0.035 at $17.050 to $17.070 per oz. Platinum was up $3 to $928/933 per oz while palladium was up $2 at $1014/1019 per oz.
  • On the Shanghai Futures Exchange, gold for December delivery was recently at 275.2 yuan ($41) per gram, and the December silver was at 3,881 yuan per kilogram.

Currency moves and data releases

  • In other commodities, the Brent crude oil spot price was up $0.21 at to $63.71 per barrel and the Texas light sweet crude oil spot price was up $0.10 at $56.94 per barrel.
  • In equities, the Shanghai Composite Index up 0.10% to 3419.04.
  • The US dollar index on Thursday morning rose 0.02 to 94.89.
  • In data, the results of a Japan 30-year bond auction, Germany’s trade balance, and the ECB’s Economic Bulletin and Forecasts are all due later today; meanwhile, in US data, the release of final wholesale inventories, natural gas storage numbers and a 30-year bond auction are also key events to watch out for.
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