gold

Gold Rises From Over 3-week Low on Bargain Hunting

Gold prices rose on Wednesday as investors used dips to accumulate the yellow metal after it dropped more than 1% to its lowest in over three weeks in the previous session.

Spot gold was up 0.5 percent to $1,331.23 per ounce, as of 0722 GMT. Prices fell over 1 percent to hit its lowest since Jan. 11 at $1,319.96 on Tuesday.

KEY TAKEAWAYS:

  • Spot gold may test a support at $1,316/oz – Technicals
  • Palladium off near two-month lows
  • Platinum crawls away from over three-week lows

“Some dip-buying is coming back aggressively as the volatility index drops. Also, some good buying as the short-term U.S. (interest) rate curve is easing off a bit,” said Stephen Innes, APAC trading head for OANDA.

“(Prices are) well above major support and appetite is coming back, with longer-term traders still holding and steadily buying small clips from this morning Comex open.”

Original Source: https://www.reuters.com/article/global-precious/precious-gold-rises-from-over-3-week-low-on-bargain-hunting-idUSL4N1PX1QR

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