Gold is opening the new year on the front foot. Bullion advanced for an eighth straight day to head for the longest stretch of gains since mid-2011, building on an annual surge that pushed the precious metal to its best year in seven as the dollar weakened.
Bullion for immediate delivery advanced as much as 0.4 percent to $1,307.74 an ounce, the highest level since Sept. 26, and was at $1,306.72 at 10:14 a.m. in Singapore, according to Bloomberg generic pricing. Last year, the commodity climbed 14 percent as the Bloomberg Dollar Spot Index lost 8.5 percent to post the steepest decline since at least 2005.
Gold’s strong run in 2017 came even as U.S. stock markets surged to records and the Federal Reserve increased interest rates three times amid signs of an improving economy. Fed policy makers are projecting another three hikes in 2018, while other central banks around the world have also shifted toward a tighter monetary stance, with the European Central Bank planning to halve its asset purchases starting this month.
In other precious metals, silver added 0.3 percent to $16.9814 an ounce. Platinum rose 0.4 percent to $932.16 an ounce while palladium climbed 0.3 percent to $1,066.28 an ounce, near the highest level since 2001.