Gold rose to a two-week high, set for the longest rally since October, as U.S. jobs data missed estimates and Chinese buyers returned after the Lunar New Year break. Silver headed for the longest winning run since August.
Bullion for immediate delivery rose as much as 0.7 percent to $1,276.03 an ounce, the highest level since Jan. 27 and surpassing its 100-day moving average of $1,267.43, before trading at $1,273.41 at 3:11 p.m. in Singapore. Prices advanced 1.8 percent last week as a rout in emerging markets spurred haven demand. They are up for a fourth day today. Silver added 0.7 percent to $20.1633 an ounce, climbing for a seventh day.
Gold beat all other metals on the Standard & Poor’s GSCI Spot Index of 24 raw materials this year as a selloff from bullion-backed exchange-traded products lost momentum. Data on U.S. employment growth trailed forecasts last week, sending the Bloomberg U.S. Dollar Index lower for a fifth day, as investors reassessed the Federal Reserve’s plan to cut stimulus. China’s demand expanded to a record last year, surging 41 percent, according to data from the China Gold Association today.
This article 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 Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.