Gold climbs to 2-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Gold prices rallied on Wednesday and reached 2-month highs as the risk aversion environment has continued to push investors out of risky assets and into safe-havens.

    The yellow metal rose more than 1% and peaked at $1,093 an ounce during the New York session even after a strong US employment report, which failed to boost the dollar.

    Gold is on track for three session of gains as investors continue to seek for refuge amid mounting geopolitical concerns after North Korea announced it had detonated a hydrogen bomb while tensions between Saudi Arabia and Iran increase. The flight to safety has also weighed on stocks worldwide.

    Later on the session, the Federal Reserve will publish latest meeting minutes, where investors will be looking for clues on the future path of rates.

    On the data front, ADP reported US private sector added 257K new jobs in December, beating expectations of 192K. Data comes before the Government nonfarm payrolls report on Friday.
    For more information, read our latest forex news.

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