Gold Recovers From Friday Lows
Gold has recovered from Friday lows, having demonstrated a surge to above $2,060 an ounce on Monday.
USD had also managed to make its way up into the positive for the second day in a row, shaping a mixed outcome for the precious metal. The Dollar Index, which puts the dollar against the basket of six competing currencies, was seen up 0.13% at 93.537 by 18.00 GMT, helped by the greenback’s rebound against the euro.
Following gold’s lead, silver has rebounded too - a nice change after its Friday fall. Before Friday, the September silver contract has hit a seven-year high of $29.915.
“Silver continues to outperform and remains our precious metal favorite as a clean positioning slate, strong investment flows and robust industrial demand combine for strong performance at a time when the microstructure creates a disincentive for silver bullion traders to sell,” TD Securities commented.
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