Not only is gold ending its longest weekly losing streak in more than a decade, but it is seeing its first positive yearly gains since 2012.
February Comex gold futures last traded at $1,157.10 an ounce, up 2.2% since last week. This week, gold has benefited from a correction in the U.S. dollar, which has backed down from its recent 13-year highs.
Silver is also seeing a positive week and a solid end to 2016. March Comex silver futures last traded at $16.085 an ounce, 2% on the week and up more than 17% on the year.
Some analysts warn that the latest gains in the precious metals markets could be skewed as a result of thin holiday markets as the precious metal sees its best performance since before the U.S. election; however, some are still calling the latest price action a victory as gold ends the year with gains of more than 9% — albeit a shallow victory has gold did see gains of more than 30% in the first half of the year. To say the least, 2016 has been a rollercoaster year for gold prices.
However, some analysts are not ready to give up on gold just yet as January and the first quarter is traditionally the strongest period for the yellow metal.
Source: SMM News