On Wednesday, the gold futures recovered from early losses and recovered impeccably to reach a six year high. The reason for this growth was worries in the economy and the weakening of the Dollar.
Silver prices were outpacing the gains by gold to end higher for the third session in a row. This is also Silver’s highest finish in close to three years.
Gold futures shook off earlier losses on Wednesday to finish at a fresh six-year peak, buoyed by economic worries and weakness in the dollar.
Silver prices outpaced gold’s gains to end higher for a third straight session, with the white metal notching its highest finish in about three years.
December gold added nearly 0.3% or $4.50 to end at $1560.40 per ounce after it surged 1.7% on Tuesday at Comex and closed around the highest since April 2013 for a most-active contract.
Prices for Gold were spending a larger part of the session trading lower as it was pressured by the rebounding global equity markets on the news of the momentary ease in Hong Kong tensions which is a cause for global anxiety.
December Silver saw a rise of 1.6& or 31 cents to reach $19.547 an ounce as it extended its gain of 4.9% from Tuesday and marked the highest level it has reached since 26th of September 2016 when it was at $19.60 an ounce.
The US dollar had retreated firmly on Wednesday which was the reason that gold was rising. The ICE US Dollar index which is a gauge of the dollar against other currencies was also down by 0.6% at 98,458. The weakness in dollar tends to make gold and other metals more attractive for buyers.