Investing.com - Financial Markets Worldwide
⚠ Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Gold And Silver Up On Weak U.S.D

ByAll Things Forex
Published 11/26/2012, 02:46 PM
Updated 05/14/2017, 06:45 AM
GC
-
SI
-

Gold and silver are taking advantage of the U.S. dollar’s decline to a two-week low against the euro and other major currencies. Gold futures are back on the rise and silver is reaching its highest level in six weeks.

In New York trading, Monday, gold prices were poised for a daily gain with futures for December delivery climbing 0.3% to $1,755 per ounce. Also advancing 0.3%, silver futures for March delivery reached $34.31 per ounce.

Dollar Alternatives
The weakness of the U.S. dollar is spurring demand for gold and silver as an alternative to the greenback. According to data compiled by Bloomberg, holdings of exchange-traded products that are backed by gold rose to a new record level of 2,605.3 metric tons on November 21. A report published by the U.S. Mint office showed demand for gold coins picking up with 67,000 ounces of American Eagle coins sold so far this month, compared with 59,000 ounces throughout October.

The better-than-expected reading in the German business confidence index, which rose for the first time in eight months, and optimism that the Eurogroup finance ministers will agree on the next tranche of aid to Greece at their meeting on Monday, November 26, are giving additional impetus to the euro’s recent rally against the U.S. dollar. The single currency once again has its eye on the $1.30 mark.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.