Gold Rises to Fresh 3-Month High, up for 4th Day in a Row

Gold futures rose early Wednesday, stretching their winning streak to a fourth straight day and achieving a fresh three-month high.

Gold for December delivery gained $9.30, or 0.8%, to $1,174.70 an ounce, eyeing its highest settlement price in more than three months. Meanwhile, December silver tacked on 16 cents, or 1%, to $16.07 an ounce.

The yellow metal has benefited lately from bets that U.S. interest rates won’t rise this year, a break in the dollar’s rally and mixed feelings about stocks and other so-called risk assets. Asian and European stocks were trading lower on Wednesday.

On Tuesday, gold settled 0.1% higher at a more-than-three-month high.

Market Watch

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.