Gold on the rise
Gold futures moved higher in early trade Wednesday, tracking a slide in the U.S. dollar.
gained $6.70, or 0.6%, to $1,082.80 an ounce.
The ICE U.S. Dollar Index
was 0.6% lower Wednesday, retreating after earlier moves drove the buck higher on expectations of an increase in benchmark interest rates by the Federal Reserve as soon as next week. The Federal Open Market Committee concludes its two-day monetary policy meeting Dec. 16.
A weaker dollar lifts the appeal of dollar-denominated precious metals like gold, making them less expensive to buyers using other monetary units.
After tumbling to a low of $1,046 an ounce in early December, gold prices have held relatively steady in the face of expectations of a rate hike, which can diminish the attractiveness of assets that don’t bear a yield.
Colin Cieszynski, chief market strategist at CMC Markets, said in a Wednesday research note that relative strength indexes suggest that gold’s “momentum has shifted from downward to neutral with an upturn awaiting a bullish cross” of the midpoint of the RSI. From a technical perspective, he said, hitting above the midpoint of the relative strength index would indicate bullishness while falling below that level suggests bearishness.
However, Joni Teves, UBS analyst, warns that pessimism persists. Teves notes that the number investors willing to make “net speculative longs” for gold ahead of the FOMC meeting are “at the lowest in 14 years.”
A risk of investors covering some of their negative bets against gold might provide a bounce higher, market strategists have said.
Meanwhile, March silver
picked up 19 cents, or 1.3%, to trade at $14.31 an ounce, after closing down 1.5% on Tuesday.
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