From mint · · 1m
Gold Hits Weekly High on Bargain Hunting
Gold rises to one-week high as bargain buying pushes for weekly gain.
In brief
Gold rises to one-week high as bargain buying pushes for weekly gain. Gold reached a one-week high of $4,194.36 per ounce, heading for a 1.3% weekly gain due to bargain hunting after falling to a two-month low. Originally reported by mint.
Gold Hits One-Week High
Gold rose 1.5% to $4,194.36 per ounce by 03:29 p.m. EDT, heading for a weekly gain of about 1.3%.
Bargain Buying Emerges
Bullion fell to a two-month low earlier this week as a stronger dollar and rising US Treasury yields weighed on the metal.
Analyst Insights
Rhona O'Connell, head of market analysis at Stone X, noted bargain hunting at the lows as a floor builds in the $4,000-region.
Rate Hike Expectations
Traders price in a 19% chance of a rate hike in October and an 84% probability of at least one 25-basis-point increase by December.
Next Week's Catalyst
The upcoming CPI release may act as a catalyst for gold's next big move, potentially forcing spot gold to re-test the $4,000 support level.
The takeaway
Gold reached a one-week high of $4,194.36 per ounce, heading for a 1.3% weekly gain due to bargain hunting after falling to a two-month low.
