Categories: General Market Commentary / Precious Metals
Topics: General Market Commentary / General Precious Metals

Lacklustre gold price entering make or break territory

Lacklustre gold price entering make or break territory

On Wednesday gold continued to drift lower with December futures trading on the Comex market in New York exchanging hands at $1,325.90 an ounce in early morning trade, down $4.50 from Tuesday's close.

Gold touched a two-year high in July around $1,380 an ounce and year to date the metal is up 26% or close to $280 an ounce, one of its best annual performances since 1980.

Saxo Bank’s head of commodity strategy Ole Hansen, says gold has failed to break higher despite weakness in US bond yields and continues to trade in a tight range.

Hansen sees further strength in the dollar putting more pressure on the gold price as it enters make or break territory and a move below $1,315 which the metal has bounced off a few times recently or a break through the $1,305 level would signal more weakness to come.

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