The Comex gold futures jumped the most last week since January this year, rising 4.21% to $1,159.20. This week, the gold futures declined 1.84% to $1,137.90 on Tuesday.
On Thursday, the Comex gold futures had the largest percentage jump since the end of April, rising 2.23% to $1,152.80. Week-to-date, the gold futures have risen 3.63% compared to -2.63% for the S&P 500 Index and -3.94% for the Euro Stoxx 50 Index.
Gold touched the 50% retracement at $1087 between the 21 year low in 1999 at $254 and its all time high at $1922 in Sept 2011 and has since then showed impressive gains.
The Comex gold futures rose 1.70% last week when the Chinese Renminbi depreciated unexpectedly on 11 August. This week, the gold futures rose 0.38% and ended at $1,116.60 on Tuesday.
The U.S. Comex gold futures dropped 0.47% this week to $1,089.80 on Thursday and have been trading in the range of $1,080 and $1,100 since 21 July.