Gold extends four-session winning streak; silver steadies above $75 as dollar retreats

The balance of power between the world's two dominant safe-haven asset classes is shifting once again — and this time, the reversal is as dramatic as it is swift.

Gold futures closed Monday at $4,540 per ounce, adding $50 — or 1.14% — on the session, capping a strong five-day run that has seen prices appreciate by 2.84%, or roughly $125, since last Tuesday.

Precious metals regain footing Friday, but geopolitical uncertainty keeps broader risk appetite suppressed

Gold suffered one of its sharpest single-session losses of the year on Wednesday, shedding $175 per ounce — a decline of 3.87% — as gold futures settled at $4,375.

For the first time in weeks both gold and crude oil are up on the day, surprisingly so is the US dollar index. Gold is trading $32 or 0.73% higher today at $4,506 while crude oil is up by $2.92 or 3.30% at $91.30 and the US dollar index is higher as well up 0.42% at approximately 5:34 PM EST. 

Precious metals surge in final hour of trading after suffering worst weekly performance in over four decades.

Before President Trump's message about "good and productive conversations with Iran" sent markets rebounding Monday, traders had opened the week in a decidedly risk-off posture — and gold, usually a reliable safe haven in times of geopolitical stress, was telling a confusing story.

The Fibonacci chart does not lie, and right now it is telling a deeply uncomfortable story. Gold closed Friday at $4,497 — slicing through the 0.382 retracement level at $4,654 and now suspended in open air between that broken floor and the next major support at the 0.5 level of $4,361.

Source: Money Control

Gold sank for a seventh session as the escalating war in the Middle East drove oil prices higher and reduced prospects for a US interest-rate cut in the near term. Silver slumped more than 10%.