Gold climbs to best level since April as dollar, Treasury yields slide (NYSEARCA:GLD)
Gold’s surprise rally continued on Thursday, with prices rising to their highest levels since April, supported by falling Treasury yields and a weaker US dollar.
Treasury yields edged higher on Thursday but fell sharply in in the previous session, with 2-year and 10-year rates falling to their lowest levels since September after US data showed December retail sales fell more than expected and inflation sold Trade continued to decline.
Last month’s Comex Gold (XAUUSD:CUR) for January delivery closed +0.9 % to $1922.10/oz, the best paying value since April 22 with prices up nearly 17% over the past three months, while January Comex silver (XAGUSD:CUR) settled +0.9 % to $23,754/oz.
ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (physics), (SLV), (PSLV), (SIVR), (SIL), (SILJ), (SLVP)
Shares of precious metal miners rose sharply on Thursday, with Coeur Mining (CDE) +9.6% – which Upgraded by analysts at Canaccord – Fortuna Silver Mine (FSM) +6.8 %Golden Sandstorm (SAND) +5.5% among the group of stocks with the strongest increase in price.
Gold underperformed in 2022 but “will shine in 2023,” Gold Mining Bull wrote in a report. recently published analysis on Seeking Alpha.