Home/Commodities/Newsfeed

Gold Rises on Higher Demand and Platinum Shortages

Share Print 0

Gold traded near a five-week high in London as investors weighed signs of increasing physical demand against the outlook for less U.S. stimulus. Platinum rose to the highest since November on prospects for strikes in South Africa.

Bullion posted a fourth weekly gain on Jan. 17 in the longest rally since September 2012, on signs of increased demand in China and as holdings in gold-backed funds rose the most in more than a year on Jan. 17. The U.S. Mint sold 83,500 ounces of American Eagle gold coins so far in January, heading for the biggest monthly total since April, data from the mint show.

Federal Reserve policy makers said on Dec. 18 they would cut monthly bond purchases to $75 billion from $85 billion, with the pace of further reductions dependent on the performance of the economy. Policy makers next meet Jan. 28-29. The Bloomberg Dollar Spot Index, a measure against 10 major currencies, traded below a four-month high set Jan. 17.

via Bloomberg

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.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

Back to Top