Gold Prices Likely to Continue Higher

Gold bars are displayed at Shinhan Bank

Gold bars are displayed at Shinhan Bank

Dubai gold prices are Dh161 for 24-karat and 22-karat can be bought for Dh151.25. Spot gold climbed to $1,332.52 per troy ounce. Export prices rose 2.6 percent in 2017 following a 1.3-percent rise in 2016. Gold is up 0.5 percent for the week so far and the streak of weekly gains is the most since the week ending April 14.

The yellow metal rose for its third session in a row, reaching $1,333.10 a troy ounce as the dollar index, which measures the greenback against a basket of currencies, dropped to as low as 91.3080.

A stronger euro potentially boosts demand for gold by making dollar-priced bullion cheaper for European investors.

"There is a lot of doubt on how long prices have to run from here". Based on this, we saw the gold prices move higher during the course of trading yesterday as the dollar was generally on the backfoot.

Spot gold is expected to test resistance at $1,329 per ounce, with a good chance of rising more to the next resistance level at $1,341, according to Reuters technical analyst Wang Tao.

Weak inflation at the producer level could add to concerns that the factors restraining inflation could become more persistent and result in the US Federal Reserve being more cautious about raising interest rates this year.

US import prices rose 0.1 percent in December following 0.8-percent advances in two of the previous three months, the Labor Department said Wednesday. Silver is on track for its first weekly loss in five weeks, down 0.6 per cent so far this week.

Prices for U.S imports increased 3.0 percent in 2017, after advancing 1.9 percent the previous year.

Platinum rose 0.7 per cent to touch its highest since September 11 at $991.40 an ounce. Platinum was heading for its fifth straight weekly gain, rising 1.9 per cent so far this week.

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