Gold Rises Early But Again Fails to Retest the US$5,000 Mark
Gold prices rose early on Friday, continuing to stay near U$$5,000 but failed to move above the mark for a sixth-straight session as the volatility that has pushed the price of the precious metal up 13% since the start of the year eases.
Gold for March delivery was last seen up US$58.00 to US$4,947.50 per ounce.
The price of the precious metal rose to a record US$5,354.80 on Jan.29, pushed higher by momentum buying, geopolitical tensions and physical demand. However its price plunged 11% the next day and it has since failed to push close to its highwater mark as momentum buying eases.
"With some of the dust settling on gold's volatility and epic price moves, we are once again confronted with an outlook, while supportive on a macro-economic basis, that is arguably dominated by uncertainty. It's a factor that can cut both ways as issues arise and melt away, but, in our view, is set to remain the dominant theme over the course of 2026," Christopher Louney, Natural Gas and Gold Strategist at RBC Capital Markets, wrote.
The dollar edged down, with the ICE dollar index last seen down 0.07 points to 97.75. Treasury yields were higher, with the U.S. two-year note last seen paying 3.483, up 2.4 basis points, while the yield on the 10-year note was up 1.7 points to 4.201%.
Source: MT Newswires
