Investing.com -- “Steady as she goes”: That’s your gold market this week.
Since benign inflation data over the past three days suggested the Federal Reserve might step back sooner than expected from using its rate cudgel, gold has practically tip-toed up — even as other commodities led by oil have blazed higher. Silver, which normally takes its cue from gold, has also left its more lustrous cousin in the shadows with sharp gains this week.
The front-month August gold contract on New York’s Comex settled at $1964.40 an ounce, up just 60 cents on the day. In the previous session it did a little better, rising $2 to strike a three-week high of $1,968.50 from a three-month bottom of $1,900.60 a week ago.
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LYC Price at posting:
$7.10 Sentiment: Hold Disclosure: Held
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