ELKO – Gold prices jumped above the $1,300 mark Friday for the first time since May 2018.
The rally was precipitated in part by a drop in the U.S. dollar index, reported Kitco News.
Stocks also closed higher on Wall Street Friday, recovering a chunk of their losses from earlier in the week.
Markets didn’t react much to news that President Donald Trump and congressional leaders reached a deal to reopen the federal government for three weeks while talks continue over Trump’s demands for money to build a wall along the U.S. border with Mexico, reported The Associated Press.
Some experts were predicting the rise in gold.
“After two early attempts this month to break and stay above the mercurial $1,300-level, it is likely this time that the yellow metal will succeed on its push-pull ascent to $1,380-plus in the first half of 2019,” said Richard Baker, editor of the Eureka Miner Report.
“There is not much to hold gold back now as the Fed is expected to sit on its hands,” David Madden, senior market analyst at CMC Markets, told Kitco.