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Gold: Safe-haven bid on US debt worries – Commerzbank
$4,600: Gold rallies to three-month high, eyes third weekly gain
Experts agree: Weak Dollar backs near-term upside in EUR/USD
Can Treasury intervention keep the Gold rally alive?
Gold on track for third consecutive weekly gain
Silver prices surged through $69 as the Dollar weakened and precious metals extended their breakout, taking XAG/USD more than 18% higher over one month. The Silver price broke decisively above $69 on Friday as the latest Dollar sell-off added fuel to a precious-metals rally that has gathered pace throughout the week.
The Gold price surged towards $4,600 as the US Dollar slid to three-month lows, with falling confidence in US debt markets adding fresh momentum to bullion. Gold prices extended their powerful recovery on Friday, briefly breaking above $4,600 as a weaker US Dollar and renewed concern over US fiscal sustainability drove demand for hard.
Euro: Set to outperform Pound, US Dollar and Yen - Nomura
Markets continue to debate the US Treasury decision to double long-term debt buybacks this week, with the dollar falling off again as Treasury yields stall after a bounce yesterday.
Silver climbs toward $70 as US Dollar remains under pressure
Gold traded above 4,500 USD per ounce on Friday, on track to close higher for the third straight week. Demand for safe-haven assets has increased amid heightened volatility in foreign exchange and debt markets.
Pound Sterling jumped to $1.3675 after UK services activity unexpectedly accelerated, adding to signs that the economy is holding up better than feared. The Pound to Dollar (GBP/USD) exchange rate surged to an intraday high of 1.3675 on Friday after a much stronger-than-expected UK services survey delivered a fresh positive surprise for.
This week's main theme has been a drive away from the dollar and into currencies of economies with better fiscal discipline and lower debt levels. The short-lived rally in US long-dated bonds fuelled rallies in gold and silver prices, which, along with the like of Swiss franc, benefitted further from increased haven flows.
Gold Price Forecast: XAU/USD testing three-month highs near $4,600 as the US Dollar dives
Gold cleared its 200-day moving average as dollar weakness and fading Fed hike odds drove a breakout, while high oil prices keep inflation risk alive.
