Gold Climbs to 4,146 Dollars as Dollar Weakens
Spot gold reached $4,146.63 an ounce on November 5, its highest since October 20, as a weaker dollar and lower Treasury yields supported the metal strongly.
Gold price November high was set on November 5, when spot gold reached $4,146.63 an ounce, its highest level since October 20. The metal later traded about 1 percent higher at $4,100.27 an ounce, while US gold futures for December delivery settled 1 percent higher at $4,113.50 an ounce. The move followed a jump of nearly 3.4 percent on November 4, the biggest daily gain since August 19, and it lifted gold back above the $4,000 level that traders have watched closely for weeks. At its November 5 peak, gold had recovered more than $250 an ounce from the one-year low of $3,869.85 recorded on October 30, a sharp rebound after a brutal October in which the metal fell close to 7 percent, its worst October performance since 2008.
A weaker dollar and lower Treasury yields supported the advance. The dollar index hovered near its lowest level since September 30, making gold cheaper for buyers using other currencies, while the 10-year Treasury yield eased. Investors were also awaiting the US jobs report due November 6 to assess the likely direction of interest rates, with rate futures pricing a high chance of an increase by the Federal Reserve in December. Gold often moves in the opposite direction to the dollar and to real yields, and the November 5 session followed that pattern, with softer yields and a softer dollar giving bullion room to rise.
Gold price November high and the 4,000 dollar line
Analysts treat $4,000 as a key technical and psychological line, with resistance near $4,046 to $4,073, and the November rebound put the metal back above it after weeks below. Some analysts said gold could stabilise above $4,000 and then move towards $4,200 and $4,400, while others cautioned that the recovery was a technical reclaim rather than a confirmed turn, and that a break below support near $3,940 could open a path lower. Central bank buying remained a background support, with official-sector purchases strong through the first nine months of the year. For holders of gold, the November 5 high was a welcome change after October losses; for buyers, it was a reminder that the metal can move sharply in either direction in a matter of days.
Source: Jiji Press
