Gold, silver hit five-month highs

Posted April 14, 2017

From a technical perspective, gold is facing strong near-term resistance at $1,291 an ounce, the location of a trendline declining from its 2011 record high of $1,920.30 an ounce, analysts said.

Gold on Friday held near the 5-month highs hit in the previous session and was set for its biggest weekly percentage rise since April past year as a weaker dollar and geopolitical worries over the Middle East and North Korea stoked safe haven demand.

By 2:26 pm, on Thursday, Spot Gold was up by 0.06% at $1286.84 per ounce, having previously hit its strongest since early November at $1288.64 per ounce. Visit MarketWatch.com for more information on this news.

Fears of a new weapons test by North Korea as a US carrier group sailed towards the region, as well as worries about the forthcoming French presidential election, also kept investors on edge.

The dollar nursed losses on Friday, heading for its first losing week in three, as continuing tensions in North Korea underpinned currencies seen as safer, such as the Japanese yen. Rising interest rates lift the opportunity cost of holding non-yielding bullion.

"We think that gold prices could fall back in the near term if tensions cool, as seems likely, and that they will continue to fall as the Fed tightens policy later this year", Capital Economics said in a note.

Trump said he launched the missile strike because of evidence Syria was behind a chemical attack on civilians, and the United States has accused Russian Federation of trying to cover up for its ally by spreading disinformation.

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Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.50 per cent to 842.41 tonnes on Tuesday.

Gold could resume its rise ahead of the Easter long-weekend, Jeffrey Halley, senior market analyst at OANDA, said.

Silver was slightly higher, gaining 0.05%, to change hands for $18.54 per ounce at the same time.

"Anecdotes of silver scrap being amassed by the trade and, for gold, the persistent discount averaging US$15/oz in recent months suggest that many consumers could remain net sellers for at least some time to come", Metals Focus said.

The spread between gold and platinum hit its highest since October 2016 at $US318.23.

In commodities, the May crude contract climbed for a sixth day in a row, up 32 cents at US$53.40 per barrel, while the May natural gas contract fell nine cents at US$3.15 per mmBTU. "There is generally a downbeat (sentiment) about diesel cars in Europe", a London-based market analyst with a mining company said.