Gold on Monday saw its biggest one-day rise since January as some dealers scrambled to cover short positions and the May options expiry triggered more buying.
U.S. gold futures for June delivery settled up 2.4 percent, its best percentage jump since January 15, at $1,203.20 an ounce. Meanwhile, spot gold rose 2.1 percent to $1,204 an ounce. On Friday spot prices slipped as low as $1,174.73 an ounce.
“It’s quite undervalued and we’ve had a long period of consolidation around the $1,200 mark,” said Mark O’Byrne, research director of bullion dealer GoldCore, noting that the breach of the $1,200 level spurred additional technical buying.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015