Gold Prices Towards Near 4-Week High as Dollar Retreats, Demand surges

Gold Prices Towards Near 4-Week High as Dollar Retreats

Gold prices touched almost four-week recorded low on Wednesday as the US dollar fell ahead of the Fed meeting minutes in December, increasing physical demand from key consumers China and India.

Gold for February delivery on the Comex Exchange touched a session high of $1,168.60 a troy ounce, a level not seen since Dec 9.

Spot gold climbed to its highest since Dec. 9 at $1,167.52 an ounce and was up 0.6 per cent at $1,165.37.

Greenback retreated again from their highest level in 14 years versus a basket of major currencies as investors worried that paying top dollar before getting new evidence on the strength of the US economy and as fast as expected from raising interest rates this year.

Climbed US dollar index, which tracks the dollar’s strength against a trade-weighted basket of six major currencies, rose 0.3% to 102.92. The index recorded its highest level of 103.82 on Tuesday, the largest number since December 2002.

Holdings of the SPDR Gold Trust, declined 1 per cent to 813.87 tonnes on Tuesday. Holdings are down about 14 per cent since the US presidential election in Nov, 2016.

The Fed will release its December policy meeting minutes, as the US central bank, while interest rates rose and indicated that it expects to raise interest rates three times in 2017.

Analysts said the Chinese New Year holiday in the first quarter of 2017 is likely to lead to some re-physical storage of the metal there.

With the beginning of the Chinese New Year next there is a strong seasonal period for jewelry in India decrease in cash paid some buying as a safe haven from the Indian consumers as a source of wealth.

Istanbul bourse data showed on Wednesday, and rose gold imports to Turkey to 36.7 tons in December, the highest monthly level in more than two years.

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