Golden start to 2018

THE first trading day of 2018 was a good one for precious metals.

  • Staff Reporter
  • 05 January 2018
  • 04:44
  • News
Golden start to 2018

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Gold closed at $US1319.10 an ounce, which was the highest price for gold since September, and marks a near 6.3% rise since the US rate rise in December.
 
After gold's strong showing in the opening day of trade of the new year, IG market analyst Chris Beauchamp said the next support level was $1337/oz.
 
"Gold's surge has eerie parallels with the December 2016 bounce, which sparked off a strong move in the first six months of the year," he said.
 
Silver, platinum and palladium were also positive movers, with the latter up by 2.4% to a new record of US$1086.65/oz.
 
In base metals, copper and nickel were lower, while lead jumped by 3.8% to $2578.50 per tonne.
 
Overnight, the gold price was fixed at $1316.87 per ounce. 
 
The WTI crude oil price was slightly up overnight at $61.93 per barrel.
 
In softer commodities, cocoa decreased $41 per tonne or 2.15% to $1866/t yesterday from the $1907 in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
 
Coffee increased 0.35c per pound or 0.27% to 128.95c/lb yesterday from 128.60c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.

 

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