SINGAPORE (Reuters) – Gold was on track for its third straight weekly gain on Friday, buoyed by short-covering and a pause in the dollar rally, while traders also eyed central bank activity for cues.
The metal traded between $1,175 an ounce and $1,205 this week, largely steady after a dip to four-and-a-half-year lows earlier in the month.
SINGAPORE, Nov 20 (Reuters) – Some of the biggest price
moves in gold since late October have, unusually, occurred in
Asian hours and traders more accustomed to following the lead of
their Western counterparts suspect a big increase in algorithmic
trading may be to blame.
Sensitivity to the dollar-yen exchange rate may also help
explain the moves, although some traders speculated that the
timing looked suspiciously like attempts to catch Chinese
traders off-guard during their lunch break.
SINGAPORE (Reuters) – Gold slipped on Wednesday as a stronger dollar prevented the metal from holding on to sharp overnight gains that took it to a near three-week high.
The dollar gained against a basket of major currencies on Wednesday, with the yen sliding to a fresh seven-year low against the greenback.
SINGAPORE (Reuters) – Gold held below a two-week peak on Tuesday, its safe-haven appeal dulled with the dollar near a four-year high and growing signs of strength in the U.S. economy.
The dollar held steady on Tuesday after European Central Bank officials raised the prospects of further stimulus and as investors waited to see if Japan’s leader would call a snap election after the country slipped into recession.