Gold continues moving higher, marks best settlement since late July

|About: Barrick Gold Corporation (GOLD)|By:, SA News Editor

Comex gold futures rose modestly, closing +0.7% at $1,230.30/oz., but it was enough to send the yellow metal to its highest finish for a most-active contract since July 31.

"We have a bullish outlook through the end of the year and into next year," says HSBC precious metals analyst Jim Steel. "Our average is $1,274/oz. this year, which means we'd continue to have a drive up into the end of the year."

Last week's stock market selloff has been a factor in gold's rise, as well as the drop in the 10-year yield from a recent 3.25% back to 3.15%, says Bart Melek, head of commodities strategy at TD Securities, but the risk-off move may have given way to another catalyst: "Now there's a view the Fed might not be as aggressive" in raising rates, he says.

Meanwhile, last week’s positive reversal for gold left much of the market wrong-footed, helping accelerate the move, according to Saxo Bank's Ole Hansen.

Gold mining stocks are broadly higher: ABX +2.4%, NEM +2.2%, GOLD +2.7%, AEM +2.3%, GG +0.9%, FNV +1.4%.

ETFs: GLD, GDX, NUGT, GGN, DUST, IAU, PHYS, SGOL, GOEX, UGLD, SGDM, UGL, DGP, GLL, ASA, GTU, GLDI, OUNZ, RING, DZZ, DGL, DGLD, TGLDX, DGZ, PSAU, GOAU, GDXX, GYEN, BAR, GEUR, GDXS, GLDW, GHS, UBG, QGLDX, GHE, MELT, AAAU, GLDM, IAUF

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