Gold futures were inching up, but staying within a narrow range.
Futures rose 0.3% to $2,665.60 a troy ounce. Volatility has sharply lowered and the five-day average daily price range has reduced to just $26, Pepperstone’s Chris Weston said in a note.
There have been six consecutive days of indecision, with most gold investors lacking the conviction to push prices higher or lower, Weston said.
Futures appear to have found a fair value and for the time being the market now looks incredibly comfortable at current levels, regardless of the U.S. dollar, interest rates or geopolitical tensions, he wrote.
That said, calm won’t likely persist for long, and if the usual seasonal December rally comes into play there may one last upwards push by year-end, he added.
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