Gold has longest winning streak since 2011

January 5, 2018 11:45 AM

Gold overcame earlier weakness Thursday to finish higher, expanding its winning streak to a 10th-session—the longest in more than six years. Tight supplies, meanwhile, helped lift palladium futures to their highest levels on record.

February gold GCG8, +0.03% climbed $3.10, or 0.2%, to settle at $1,321.60 an ounce after trading as low as $1,307.10 in the wake of the Federal Reserve meeting minutes released late Wednesday. Futures prices logged their highest settlement since Sept. 15 and the tenth-consecutive session of gains was the longest such streak of gains for a most-active contract since July 2011, according to FactSet data. 

The exchange-traded SPDR Gold Trust GLD, -0.11%  traded up 0.4% Thursday, while the VanEck Vectors Gold Miners ETF GDX, -0.17% was down 0.1%.

Pressure from the U.S. private-sector jobs report Thursday eased, said Naeem Aslam, chief market analyst at ThinkMarkets. “We really need to have a very strong number for the dollar index to move higher.”

U.S. private-sector hiring was stronger than expected in December, with employers adding 250,000 jobs, according to payroll processor ADP.

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