Gold prices power to 6-week high, back above $1,500.00

By khalidy at 2019-12-25 • 0 collector • 94 pageviews

Gold and silver prices are solidly higher and are at six-week highs in midday trading Tuesday. Gold prices pushed back above the psychologically important $1,500.00 level. Heading into the holidays and the end of the year, the safe-haven metals bulls are much more confident as the technical postures for gold and silver have turned positive. Importantly, other raw commodity markets are perking up, including the grains, softs markets and crude oil. Such suggests traders and investors are expecting better global economic growth in 2020. That would mean increased demand for raw commodities, including the precious metals. February gold futures were last up $15.80 an ounce at 1,504.80. March Comex silver prices were last up $0.356 at $17.855 an ounce.

Gold traders today took note of a comment by Blackstone’s Byron Wien on CNBC: “Watch gold in 2020.” Others, too, are thinking good times lie ahead for the yellow metal—judging by it’s late-year rally despite record gains in U.S. equities.

Asian and European stock indexes were mostly slightly up in more quiet trading overnight. The U.S. stock indexes were off a bit at midday but still close to their record highs set Monday.

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