Global Stock Markets
Spot bullion gains for 8th day to the highest since September
Precious metal advanced in 2017 even as Fed hiked three times
Gold is opening the new year on the front foot. Bullion advanced for an eighth day to head for the longest stretch of gains since mid-2011, building on an annual surge.
Bullion for immediate delivery advanced 0.7 percent to $1,312.03 at 10:49 a.m. in London, according to Bloomberg generic pricing. Last year, the commodity climbed 14 percent, the best performance in seven years. The Bloomberg Dollar Spot Index lost 8.5 percent in 2017.
Gold’s strong run in 2017 came even as U.S. stock markets surged to records and the Federal Reserve increased interest rates three times amid signs of an improving economy.
Fed policy makers are projecting another three hikes in 2018, while other central banks around the world have also shifted toward a tighter monetary stance, with the European Central Bank planning to halve its asset purchases starting this month.
Bullion’s 14-day relative strength index was at 71.3, up from 69.1 on Friday and above the level of 70 that can indicate that an asset may be set for a decline. “The relative strength index is now at very overbought levels,” Halley said.
Among releases that investors will scrutinize this week for clues on the direction of monetary policy are minutes of the Federal Open Market Committee’s December meeting, due on Jan. 3. Separately, there’ll be nonfarm payrolls and average hourly earnings issued on Jan. 5.
In other precious metals:
Silver added 0.8 percent to $17.0703 an ounce
Platinum rose 1 percent to $937.59 an ounce
Palladium climbed 1.1 percent to $1,075.50 an ounce, heading for the highest close since 2001.
Precious metal advanced in 2017 even as Fed hiked three times
Gold is opening the new year on the front foot. Bullion advanced for an eighth day to head for the longest stretch of gains since mid-2011, building on an annual surge.
Bullion for immediate delivery advanced 0.7 percent to $1,312.03 at 10:49 a.m. in London, according to Bloomberg generic pricing. Last year, the commodity climbed 14 percent, the best performance in seven years. The Bloomberg Dollar Spot Index lost 8.5 percent in 2017.
Gold’s strong run in 2017 came even as U.S. stock markets surged to records and the Federal Reserve increased interest rates three times amid signs of an improving economy.
Fed policy makers are projecting another three hikes in 2018, while other central banks around the world have also shifted toward a tighter monetary stance, with the European Central Bank planning to halve its asset purchases starting this month.
Bullion’s 14-day relative strength index was at 71.3, up from 69.1 on Friday and above the level of 70 that can indicate that an asset may be set for a decline. “The relative strength index is now at very overbought levels,” Halley said.
Among releases that investors will scrutinize this week for clues on the direction of monetary policy are minutes of the Federal Open Market Committee’s December meeting, due on Jan. 3. Separately, there’ll be nonfarm payrolls and average hourly earnings issued on Jan. 5.
In other precious metals:
Silver added 0.8 percent to $17.0703 an ounce
Platinum rose 1 percent to $937.59 an ounce
Palladium climbed 1.1 percent to $1,075.50 an ounce, heading for the highest close since 2001.
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