Author: Paul Ploumis27 Mar 2015 Last updated at 04:05:01 GMT
(Kitco News) - Gold prices ended the U.S. day session higher, hit a four-week high and pushed above what was psychological resistance at the $1,200.00 level Thursday. Safe-haven demand amid a flare-up in the Middle East and chart-based buying fueled the gold market bulls on this day. A rebound in the U.S. dollar index and the U.S. stock market during the U.S. trading session Thursday did help to pare stronger early gains seen in gold. April Comex gold was last up $7.30 at $1,204.40 an ounce. May Comex silver was last up $0.105 at $17.105 an ounce.
Saudi Arabia and its allies’ air strikes against Iran-backed rebels in Yemen have produced fresh geopolitical tension. Saudi Arabia and Iran, the two major Middle East powers, are now in a stare-down. The military action in Yemen was not expected. Crude oil prices rallied sharply to a two-week high above $52.00 a barrel on the news, while safe-haven gold also posted decent gains.
While the U.S. stock indexes posted corrective bounces Thursday after strong selling pressure the past couple days, there are now early technical clues the indexes have put in at least near-term market tops. If that’s the case, it would be a bullish development for the competing asset class, precious metals.
Reports overnight said China has moved to allow more companies to import gold into China, which will effectively reduce the premium China’s domestic gold-buyers have had to pay over the world price. The move by Chinese authorities should give a modest boost to gold demand coming from China. The World Gold Council said Chinese demand for imported gold is likely to rise by 11% this year.
The other key “outside market” on Thursday saw the U.S. dollar index lower early on, but then post a corrective bounce from recent strong selling pressure. The dollar index bulls had faded badly the past week and there are early technical clues of a market top in the index.
The London P.M. gold fixing is $1,203.15 versus the previous A.M. fixing of $1,209.40.
Courtesy: Kitco News
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