Gold powers to 6-week high on technical buying, slumping USDX

Gold powers to 6-week high on technical buying, slumping USDX

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( Kitco News ) – Gold and silver futures prices are sharply up in midday U.S. trading Thursday, with gold notching a six-week high. The metals are boosted in part by a falling U.S. dollar index in the wake of the U.S. elections. Chart-based buying, including buy stop orders being triggered in the futures markets, was also featured today in both precious metals. Some safe-haven demand in the metals is also seen as the U.S. presidential election result is still up in the air. December gold futures were last up $53.10 at $1,949.20 and December Comex silver was last up $1.312 at $25.205 an ounce.

Traders were awaiting the conclusion of the Federal Open Market Committee (FOMC) meeting […]

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