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Gold Pushes Back above $1,900 an Ounce

Gold gained ground Friday, reclaiming the $1,900-an-ounce threshold and turning positive for the week as the U.S. dollar lost ground and investors tracked ongoing fiscal stimulus talks in Washington.

December gold rose $27.20, or 1.4%, to $1,922.30 an ounce, while December silver advanced 65.90 cents, or 2.8%, to $24.535 an ounce.

“Supported by a somewhat weaker US dollar and moderate ETF inflows, gold has regained the $1,900 per troy ounce mark ,” said Daniel Briesemann, analyst at Commerzbank, in a note.

A weaker dollar can benefit gold and other commodities priced in it, as it makes them less expensive to users of other currencies. The ICE U.S. Dollar Index, a measure of the currency against a basket of six major rivals, was down 0.3% Friday and headed for a 0.5% weekly decline.

Briesemann noted that, according to World Gold Council figures released Thursday, gold ETFs registered inflows of 68.1 tons in September — the 10 straight month of inflows.

“In the first nine months of the year, inflows totaled 1,003 tons. This is already significantly more than in any previous entire year. Two thirds of all inflows were attributable to ETFs in North America, first and foremost the SPDR Gold Trust, ” he said.

Source: Marketwatch

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