Gold price jumps to fresh highs above USD 1207/Oz

New York (Apr 17)  Gold prices on Comex extends its upward moves and reached fresh session highs beyond USD 1200 levels as a weaker US dollar across the board coupled with tumbling global equities continue to drive the gains in the yellow metal.

Gold firms above USD 1205

Currently, gold trades 0.74% at fresh session highs near 1207 levels, bouncing-off day’s low at 1197.10. Gold prices accelerated gains after yields on both longer and shorter duration US treasuries fell further by -1.60% and -3.37% respectively which raised gold’s appeal as a higher yielding asset. While plunging global equities also contributed to the upside in gold prices.

Meanwhile, the US dollar index which measures the relative strength of the greenback against a basket of six major currencies trades lower by -0.61% at weekly lows near 97.28 levels. Gold prices now await key set of US economic releases due later in the day for further momentum.

Gold Technical Levels 

The metal has an immediate resistance at 1209.30 and 1212.50 levels. Meanwhile, support stands at 1200 levels below which doors could open for 1197 levels.

Source: FXstreet