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Gold Makes New 1,300 High Before Backing Down as Brexit Cools

2019-03-15 07:00    Investing

Gold Makes New 1,300 High Before Backing Down as Brexit Cools Commodity News

© Reuters.

The pause in the Brexit drama has given occasion for cooler heads in the epic U.K. crisis -- and for cooler prices in Gold as well.

U.S. gold futures as well as the globally-traded bullion retreated on Thursday after peaking above $1,300 an ounce for a third straight day after British lawmakers rejected leaving the European Union without a deal.

With the easing of immediate uncertainty and tensions over Brexit, gold futures for April delivery settled down $14.20, or 1%, at $1,295.10 per ounce on the Comex division of the New York Mercantile Exchange. The metal had hit a two-week peak of $1,310.35 earlier in the session.

Spot gold, reflective of trades in physical bullion, fell $12.09, or about 1%, to $1,296.96 by 3:02 PM ET (19:02 GMT), after a two-week high at $1,310.43.

Gold's slide also came as investors turned their attention to the dollar in the inverse correlation between the two. The Dollar Index, which measures the greenback against a basket of six currencies, gained 0.3% to 96.77, rising for the first time in five sessions.

But some were convinced that Thursday's retreat was a mere breather for gold and there was more immediate upside to the yellow metal.

"Our near term target is $1,318, as we see some resistance there, but if we can break through that, then $1,327 would be the next level," said Matthew Tuttle who oversees some $600 million in assets for Riverside, Conn.-based Tuttle Tactical Management. "We think $1,400 is possible, but a lot of things will have to happen for gold to get there."

Gold's high so far this year is just below $1,350, achieved on Feb. 20.

Palladium prices rose for a third-straight day, reaffirming its standing as the world's costliest metal.

The spot price of palladium rose by $3.60, or 0.2%, to 1,554.70 per ounce by 3:02 PM ET (19:02 GMT).

Trades in other Comex metals as of 3:02 PM ET (19:02 GMT):

Palladium futuresup $8.25, or 0.6%, at $1,514.95 per ounce.

Platinum futures down $16.05, or 1.9%, at $825.65 per ounce.

Silver futuresdown 3 cents, or 1.8%, at $15.17 per ounce.

Copper futures down 4.5 cents, or 1.5%, at $2.89 per pound.


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