Gold Soars to a Six-Week High — What's Behind It?
Gold prices climbed again, hitting a six-week high on Monday, December 1, driven by a weakening US dollar and increased investor appetite for safe-haven assets. Spot gold hit $4,240 per ounce, while December gold futures reached $4,276. Silver was even more striking, breaking an all-time high of $57.86 before stabilizing at $57.48 per ounce. A selloff in US stock futures and falling crypto prices have made precious metals increasingly a risk-off destination.
This rise was also fueled by strong expectations that the Fed will cut interest rates in December, following a series of dovish comments and weak US economic data. The "risk-off" sentiment prompted investors to shift funds from speculative assets to precious metals. Platinum and palladium also rallied, while the market now awaits the release of core PCE inflation data on Friday to see if the rally will continue.
The gold price at the time of this analysis was released was at $4,229
- Buy if the price reaches $4,245
- Sell if the price reaches $4,214
Resistance 2: $4,292
Resistance 1: $4,261
Support 1: $4,199
Support 2: $4,168
Disclaimer:
This article is analytical in nature and does not constitute a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
