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Gold prices demonstrated remarkable strength in New York trading, surging $47.40 to reach $2,615.20 for December futures, marking a 1.85% daily gain. While dollar weakness contributed to the precious metal's ascent, with the dollar index falling 0.51% to 106.257, market analysis reveals that robust bullish sentiment drove approximately 1.36% of the day's gains independently of currency movements.
J.P. Morgan Global Commodity Research provides context to the recent market dynamics, noting that gold futures experienced a 7% reduction in open interest last week, largely attributed to substantial outflows of $6.8 billion from gold ETFs. The front-month gold futures contract had retreated 6.4% from its October 30 record close of $2,788.50.
The precious metal's sharp rise reflects broader macroeconomic concerns, including potential trade war escalations under a possible Trump administration and ongoing geopolitical tensions in Ukraine and the Middle East. These factors had previously contributed to gold's historic peak at $2,800. Technical analysis suggests the recent correction to $2,541.50 represents a 38.2% Fibonacci retracement of the impressive rally from mid-February, which saw gold gain over $700. This correction level, widely considered healthy rather than excessive, likely signals the end of the current downward phase. Market technicians anticipate a relief rally potentially taking gold to between $2,670 and $2,725 in the short term.
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