• 13 days Could Crypto Overtake Traditional Investment?
  • 18 days Americans Still Quitting Jobs At Record Pace
  • 20 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 23 days Is The Dollar Too Strong?
  • 23 days Big Tech Disappoints Investors on Earnings Calls
  • 24 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 26 days China Is Quietly Trying To Distance Itself From Russia
  • 26 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 30 days Crypto Investors Won Big In 2021
  • 30 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 31 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 33 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 34 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 37 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 38 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 38 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 40 days Are NFTs About To Take Over Gaming?
  • 41 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 44 days What’s Causing Inflation In The United States?
  • 45 days Intel Joins Russian Exodus as Chip Shortage Digs In
Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Markets
  3. Other

Gold price breaks 6-year downtrend

On Tuesday, the return of the safe haven buyer and a weaker US dollar combined to lift the metal to its highest level since the election of Donald Trump on November 8.

Gold futures in New York for delivery in August, the most active contract, touched a high of $1,298.80, up more than 1% in heavy volume of more than 24m ounces. Gold is up 12.8% so far in 2017.

Gold's recovery – up $80 an ounce in less than a month – was given fresh impetus by disappointing US jobs numbers released on Friday that hurt the US dollar and clouded the outlook for GDP growth in the world's largest economy. The weaker than expected data also put equity markets on edge which have been trading at record levels.

Mounting geopolitical worries including upcoming elections and terrorist attacks in the UK and an escalating row between Saudi Arabia and the tiny state of Qatar drawing in the US and regional powers provided further buying momentum.

This chart shows gold finally breaking a downtrend in place since the metal hit a peak above $1,900 an ounce in August 2011. In 2016 gold attempted to break through this resistance level on several occasions, but failed.

Gold price breaks 6-year downtrend

(Click to enlarge)

By Mining.com

Back to homepage

Leave a comment

Leave a comment