2012-11-26

Gold price climbed - weakness in the U.S. dollar

The gold price climbed on Friday amid widespread gains in commodities and weakness in the U.S. dollar.  The spot price of gold advanced by $17.48, or 1.0%, to $1,747.55 per ounce, its highest level since October 17th. The U.S. Dollar Index, a trade-weighted composite of the greenback against several of the world’s most-traded currencies – including the euro, yen, and pound – fell by 0.4% to 80.361.  The SPDR Gold Trust (GLD), the world’s largest gold ETF and a proxy for the gold price, jumped by $1.75, or 1.0%, to $169.31 per share.

Strategists at UBS discussed their outlook for the price of gold in a report to clients, published prior to today’s rally. The firm noted that “Gold is just a few dollars shy of its 50-day moving average sitting at $1,741, and more importantly, a key technical level lurking at $1,739.10…Our technical strategist notes that a break above this level, which is the month’s high, would be a crucial bullish development that would open up $1,748.95, the 62 percent retracement of the October/November sell-off ahead of $1,794.80, the October high.”

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