gold

Gold prices are steady on slight gains Wednesday on some profit-taking by short covering.

Gold and silver bears are maintaining their firm control of the technical charts.

February Comex gold was up $1.50 at $1,140.30 an ounce.

March Comex silver was down $0.064 at $15.925 an ounce.

Gold prices have climbed after ending before the Christmas weekend at a 10-month low, declined for seven weeks, its longest losing streak in more than 12 years as the dollar hit a 14-year high.

The ICE dollar index is stronger, up 0.3 percent at 103.35; it marked its highest level in 14 years at 103.25 last week.

Gold jumped despite the stronger dollar. The precious metal’s drop last week came as the dollar hit a 14-year high before pulling back, gold prices have fallen 4 percent in December weighed by higher interest rates and strong dollar.

Gold prices also fell in December in part because Treasury yields hiked and the Federal Reserve signaled it may raise interest rate three times in 2017.

Although, precious metal’s price is mostly low now but 2016 was a good year for the gold.

In the first half of 2016, gold traded as high as $1,375, which turned out to be the yearly high.

This year, gold and silver had good gains as gold gained 6 percent and silver advanced 14 percent in 2016.

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