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Gold pulls back from highest level since August

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Gold prices pulled back on Monday after rising more than 5% last week to the highest level since August.

Price action
  • December gold futures
    GCZ22,
    -0.15%

    GC00,
    -0.15%

    fell $3.40, or 0.2%, to $1,766 per ounce on Comex.

  • Silver futures for December
    SIZ22,
    +0.41%

    SI00,
    +0.41%

    rose 4 cents, or 0.2%, to $21.71 per ounce.

  • Palladium futures
    PAZ22,
    -2.02%

    for December fell $34, or 1.7%, to $1,994 per ounce, while platinum futures for January
    PLF23,
    -1.80%

    retreated $15.10, or 1.5%, to $1,022.80 per ounce.

  • December copper 
    HGZ22,
    -1.85%

    fell 8 cents, or 2.1%, to $3.83 per pound.

What’s happening

Metals prices advanced sharply last week as the U.S. October consumer-price index report came in softer than expected, sparking a sharp rally in stocks, bonds and gold, among other assets.

As a result, it appears gold is shifting back toward a more neutral stance, according to the authors of the Sevens Report.

“Looking at the charts, gold tested the late September lows once in October and then again in early November, successfully holding above the $1,630/oz. area both times while prices broke beyond the October highs, which ultimately shifts the
technical outlook to neutral from bearish,” they said.

ICE U.S. Dollar Index
DXY,
+0.69%
,
a measure of the currency’s strength against a basket of rivals rose 0.6% to 106.90.

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