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Gold prices gained for the third session in a row on Friday to their highest since September as the weakening dollar attracted investors to purchase the yellow metal. Bullion is poised for its fifth weekly gain.

Spot gold climbed 0.3 percent to $1,326.68 per ounce. Prices increased to their highest since Sept. 15, 2017, at $1,327. The precious metal is 0.5 percent higher for the week so far and the streak of weekly gains is the most since the week ending April 14.

U.S. gold futures rose 0.3 percent to $1,326.90 per ounce.

Spot gold is expected to test a resistance at $1,329 per ounce, with a good chance of breaking above this level and rising more to the next resistance at $1,341, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver climbed 0.7 percent to $17.06 per ounce. Silver is poised for its first weekly loss in five weeks. It is almost one percent lower so far this week.

Platinum increased 0.5 percent to hit its highest since Sept. 12 at $990.20 per ounce. Platinum was on course for its fifth consecutive weekly gain. It has gained 1.7 percent so far this week.

Palladium was 0.4 percent higher at $1,087.95 per ounce, after falling to a more than one-week low at $1,075.50 on Thursday.

Related news

The dollar rose from three-year lows as comments by European Central Bank officials eased the euro's recent rally.

The dollar index against a basket of six major currencies rose 0.4 percent to 90.878 after retreating overnight from a three-year low of 90.279 set earlier in the week.

The euro was flat at $1.2188, dropping from a three-year high above $1.2300 after some ECB officials voiced worries about the currency's strength.

ECB policymaker Ewald Nowotny told reporters the euro's recent strength against the dollar is “not helpful,” which encouraged a bout of profit-taking before a policy meeting next week.

The single currency had gained this month on expectations that the central bank would take steps towards winding back on stimulus measures to normalize monetary policy.

In an interview with an Italian newspaper Vitor Constancio, the ECB vice president, said he did not rule out that monetary policy would still continue to be “very accommodating for a long time”.

The dollar was steady at 111.310 yen after jumping 0.75 percent overnight, when it bounced from a four-month low of 110.190.

The Australian dollar fell marginally to $0.7959 after slipping from a four-month peak of $0.8023 the previous day.

Oil prices edged up on a reported decline in U.S. crude stockpiles and as militant groups in Nigeria threatened to launch an assault on the nation's petroleum infrastructure.

But prices continued to be below the three-year highs as fuel stockpiles continue to be ample and as refineries reduce operations.

Brent crude futures stood at $69.56 per barrel, 18 cents or 0.3 percent higher from their last settlement. On Monday, the international benchmark hit their highest level since December-2015 high of $70.37 per barrel.

U.S. WTI crude futures traded at $64.25 per barrel, 28 cents or 0.4 percent higher from their last close. WTI hit their highest level since December, 2014 at $64.89 per barrel.

According to traders, prices have been lifted by reports that Nigeria's rebel group Niger Delta Avengers threaten to attack the nation's oil sector in the next few days.

Markets also received support from a decline in crude inventories. U.s. crude inventories declined by 5.1 million barrels in the latest week to 411.5 million, according to API.

Despite the overall upbeat sentiment in the markets, analysts warned that the recent rally, which has raised crude by around 14 percent since early December, may be on the verge of a correction.

U.S. stocks traded higher on Wednesday following the release of stronger-than-expected quarterly results which drove the Dow Jones industrial average to end above 26,000 points for the first time.

The sharp gains also propelled record peaks for the Standard & Poor's 500 index and the Nasdaq composite, paring the market's modest losses from the previous day.

The Dow Jones industrial average advanced 322.79 points, closing above 26,000 for the first time. The index first broke above the milestone mark on Tuesday.

The S&P 500 rose 0.9 percent to 2,802.56, with staples and tech climbing over one percent. The index also posted a record close. The Nasdaq composite gained one percent to close at 7,298.28, a record.

Tech stocks got a boost from Apple, which pared losses after announcing plans to repatriate billions in overseas cash. The stock closed 1.7 percent higher. Lam Research also led the S&P 500 with a gain of 7.7 percent.

Investors also bid up health care stocks, including Anthem. The insurer climbed 3.1 percent.

Juno Therapeutics jumped 51.9 percent after the Wall Street Journal reported that biotech drugmaker Celgene might buy it. Juno is one of several companies developing therapies that involve genetically engineering patients' blood cells to fight cancer. Celgene dropped 2.7 percent.

Financials stocks also advanced, even as some big banks dropped after reporting sharp quarterly losses. Bank of America reported adjusted quarterly earnings that surpassed analyst estimates. U.S. Bancorp also posted better-than-expected results.


See also: Current support and resistance levels
EUR/USD
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USD/JPY
GBP/JPY
EUR/CHF
AUD/USD
Jan 18 at 19:22 UTC

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