While gold prices are off their 1.5-year highs seen mid-week, the market is still holding on to strong gains and many analysts have said that they still see the potential for higher prices, even if there is a modest consolidation period.
The gold market ended the week in positive territory as it hovers around the critical psychological level.
On Friday, February gold futures settled at $1,352.10 an ounce, up more than 1% since previous Friday. In total, the gold market has seen six weekly positive closes in seven as prices are up 9% since the mid-December lows.
Next week will be busy with major economic events including the Federal Reserve’s first monetary policy meeting of the year, which is also Fed Chair Janet Yellen’s last meeting, and employment data from January.
However, commodity analysts say that they will continue to monitor gold’s relationship against the U.S. dollar as President Donald Trump’s administration creates volatility in currency markets.
Source: Kitco News