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MTECHTIPS;-Gold On a Roll Above $1,300 as Fed Stays

Thursday, January 31, 2019 4:54

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MTECHTIPS;-Gold On a Roll Above $1,300 as Fed Stays

MTECHTIPS-Many market pundits think gold will come off its highs soon and see lackluster moves till the year end. For now, the yellow metal’s momentum at the top is telling a different story. For a fourth day in a row, benchmark February gold futures on New York Mercantile Exchange’s Comex division hit highs above the key $1,300-an-ounce level. The last two session have been particularly remarkable for February gold as it made highs on days when even the dollar, a contrarian trade to gold, rose. On Wednesday, Wall Street stocks, which often pushes gold in the opposite direction, were higher too after a string of strong corporate earnings. February futures aside, Comex’s most-active gold contract for April settled up $3 at $1,315.50 an ounce on Wednesday, after making a session peak at $1,320.80. The rally came ahead of the monthly meeting of the Federal Reserve which kept interest rates unchanged as widely expected. The spot gold contract, reflective of trades in physical bullion, was by $7.45, or 0.6%, at $1,319.11 by 1:58 PM ET (18:38 GMT), after making an eight-month high at $1,319.91. Gold futures’ gain on the year itself is a modest 2.2%. But almost all of that gain has come from the past four sessions, indicating that the yellow metal may have found the legs to a rally. Gold has struggled since last summer in part because of four Fed rate hikes in the last year

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