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

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.