Gold found new support above $1,930 an ounce on Thursday as the U.S. dollar weakened after stimulus negotiations saw no progress.
The yellow metal is finding its footing above $1,900 an ounce after hitting a low of $1,874 on Wednesday. At the time of writing, December Comex gold futures were trading at $1,959.20, up 0.54% on the day.
“Prices remain volatile trading in a $40/oz range,” SP Angel analysts said on Thursday. “A drop in prices recorded over the last several days came amid technical selling and profit taking as well as investors reviewing respective economic growth expectations.”
Despite a major price correction of about $200 this week, overall fundamentals remain supportive for gold, including negative U.S. real rates as well as monetary and fiscal stimulus.
Source Kitco
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