• 343 days Will The ECB Continue To Hike Rates?
  • 343 days Forbes: Aramco Remains Largest Company In The Middle East
  • 345 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 745 days Could Crypto Overtake Traditional Investment?
  • 750 days Americans Still Quitting Jobs At Record Pace
  • 752 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 755 days Is The Dollar Too Strong?
  • 755 days Big Tech Disappoints Investors on Earnings Calls
  • 756 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 758 days China Is Quietly Trying To Distance Itself From Russia
  • 758 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 762 days Crypto Investors Won Big In 2021
  • 762 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 763 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 765 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 766 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 769 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 770 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 770 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 772 days Are NFTs About To Take Over Gaming?
Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

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