Gold Price Today: Gold Hits Five-week High

The spot gold price climbed 2 percent on Wednesday to hit $1,218 per ounce, according to Reuters. That is the highest the metal has been in five weeks. The rise came as the US dollar hit almost a three-month low on the release of US unemployment data; the data has delayed expectations that the US Federal Reserve will increase interest rates.

Speaking on what the increase could mean moving forward, Carlo Alberto de Casa, chief analyst for ActivTrades, told Reuters, “[a] close above technical resistance at $1,215 could help gold exiting the narrow trading range between $1,175 and $1,255 the metal has been confined over the past 10 weeks.”

Meanwhile, gold futures for June delivery settled at $1,193.50 per ounce, falling just below the previous session’s $1,196.30, which was a one-week high for the metal, as per Investing.com.