Gold bulls look to extend winning streak to 5 sessions

November 20, 2018

London (Nov 20)  Gold futures were little changed Tuesday as bulls looked to extend the yellow metal’s winning streak to a fifth session.

Gold for December delivery GCZ8, +0.05% on Comex was up $1.20, or 0.1%, at $1,226.50 an ounce, though the contract has spent time in negative territory early in the session as well. December silver SIZ8, +0.08%  was up 1.2 cents, or 0.1%, at $14.415 an ounce.

December gold ended Monday at the highest level for a most-active contract since Nov. 7, according to FactSet data. The metal has found support on geopolitical worries surrounding Britain’s planned exit from the European Union as well as continued trade tensions between the U.S. and China and volatile trade in equities markets.

Meanwhile, investors are beginning to question the Federal Reserve’s commitment to a steady pace of rate increases in 2019 following recent remarks by top policy makers.

“I like gold in this environment, and it could only be the start of a more significant move higher,” said Stephen Innes, head of Asia Pacific trading at Oanda, in a note. “The Feds have changed the landscape to a more dovish terrain suggesting that they too are turning a little bit risk-averse. Great signal for gold prices.”

In other metals trade, December palladium PAZ8, -0.11%  was off 0.3% at $1,137.50 an ounce, while January platinum PLF9, -0.54%  declined 0.5% to $853.50 an ounce.

December copper HGZ8, -0.05%  was down 0.1% to $2.7975 a pound.




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