Gold Prices Rise to 10 Week High, U.S. Military to Use New Gold-Silver Alloy
Gold prices are extending their rally as the dollar continues to weaken. Investors fear that the stock market’s climb will limit gold’s gains this week as gold reaches levels last seen in July. December gold gained $2.10 to push the precious metal to $1,232.40 a troy ounce.
Treasury rate concerns have been a major factor in the stock market’s decline in recent days. Technology stocks pushed markets down on Monday. Investors moved to buy gold, as market volatility and interest rates rise.
photo/ Steve Bidmead via pixabay
Gold prices started to pull away from $1,230 a troy ounce on Friday, as strong earnings led to a Wall Street rally.
Monetary policy tightening by the Federal Reserve has contributed to a softer dollar. The Fed is eyeing a potential rate hike for the fourth time in December, which is expected to have a negative impact on the gold market.
Gold gains on a weaker dollar, and an additional rise in rates will cause some resistance against the precious metal. Government bonds will also be a more attractive option versus gold if another rate hike goes through.
Analysts suggest that gold prices will continue to rise towards the $1,250 mark after rising over 3% in October. Some analysts disagree. They suggest that gold prices have already outperformed and that a correction will lead to gold prices fizzling in the near future.
Economic uncertainty has also put a strain on market, as tensions between the United States and China continue to mount. Saudi Arabia has threatened to use oil as a “weapon” against other countries over the disappearance of journalist Jamal Khashoggi. Countries have started to question Saudi Arabia’s involvement in the disappearance, with many news outlets backing out of recent events in the country.
Tensions may keep the dollar lower through October, but that can change overnight, pushing gold prices back down. Recent news may help stabilize gold prices.
U.S. Army-backed scientists also broke the news that a new silver-gold alloy has been created that will allow for higher energy efficiency and precise electronic devices that are lighter than in the past.
Proper tuning of the alloy promises to offer lightweight solutions and powerful optical sensors that will help the military on the battle field.
Chemical composition of the gold-silver alloy was altered, allowing for control over the material’s optical and plasmonic properties. The material’s properties will be able to outperform systems that are made with silver or gold as the only alloy.
Author: Jacob Maslow
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