(Kitco News) – After delivering one of its strongest weekly performances of the year last week, gold picked up right where it left off, but a midweek stall after fresh all-time highs has market participants more divided on the yellow metal’s near-term direction.
Spot gold kicked off the week trading at $2,722 per ounce, and traders in the Asian and European sessions pushed the yellow metal to the edge of $2,740 by the North American open. But U.S. traders woke up filled with doubt about the precious metal, and they drove the spot price all the way down to $2,716 by 2:45 p.m. EDT.
Gold retraced half of its losses on the day by 9:30 p.m. before resuming a steady uptrend through Tuesday, with all dips being bought right through to 4:30 a.m. on Wednesday when prices set their weekly high of $2,757.80 per ounce.
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