Monday, 29 January 2018 11:47 WIB |
GOLD CORNER |Gold OutlookGold Corner
While gold prices are off their 1.5-year highs seen mid-week, the market is still holding on to strong gains and many analysts have said that they still see the potential for higher prices, even if there is a modest consolidation period.
The gold market ended the week in positive territory as it hovers around the critical psychological level.
On Friday, February gold futures settled at $1,352.10 an ounce, up more than 1% since previous Friday. In total, the gold market has seen six weekly positive closes in seven as prices are up 9% since the mid-December lows.
Next week will be busy with major economic events including the Federal Reserve™s first monetary policy meeting of the year, which is also Fed Chair Janet Yellen™s last meeting, and employment data from January.
However, commodity analysts say that they will continue to monitor gold™s relationship against the U.S. dollar as President Donald Trump™s administration creates volatility in currency markets.
Source: Kitco News