Gold surged by $40 a day, and silver prices rose sharply
analyst Adam Button said that gold usually has a seasonal tailwind from December to January, and now there is a fundamental tailwind. Over the weekend, the Chinese central bank resumed buying gold for the first time in six months. Previously, when China stopped buying, the gold price initially fell by $50, and then fell by about $100 in the following days. Today, gold has risen by $40 intraday, breaking through $2670 per ounce. From a technical point of view, breaking through the high point in December is good news, indicating that the gold price may once again test the high point of $2721 at the end of November. From now until Christmas, the dovish central bank decision will definitely help. To achieve this goal in the United States, we will need to release a CPI report that meets expectations on Wednesday. At the same time, compared with the gold price, silver has performed better, rising 4% intraday and reaching its highest level since early November.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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