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Gold at a low of more than two weeks – At a low of almost a year the silver

Gold prices fell slightly lower on Wednesday, with the dollar strengthening to help the precious metal slide to a two-week low.

It is noted that the ICE US Dollar, an indicator of the strength of the US currency against a basket of currency, strengthened today by 0.5% and reached 105.03.

At the same time, however, growing speculation that an aggressive policy of raising interest rates could eventually lead to a recession, turning investors to so-called safe havens such as precious metal, has helped put pressure on gold and consequently its losses. be limited.

Safe havens, such as gold, usually benefit in times of economic instability, such as the current situation, but interest rate hikes, which will continue, as Fed head Jerome Powell reiterated today at the ECB conference in Portugal. increase the opportunity cost of non-performing precious metal.

Thus, the August contract for gold fell on Wednesday by a drop of $ 3.70 or 0.2% and closed at $ 1,817.50 an ounce. This is the lowest closing of the most active contract since June 14, according to FactSet.

Silver also recorded losses, with the September contract losing 13 cents or 0.6% and ending the day at $ 20,738 an ounce, which is the lowest level since July 2020.

The September contract for copper, almost unchanged, closed at $ 3.7805 a pound.

On the other hand, the October contract for platinum, which strengthened by $ 4.30 or 0.5% to $ 909.90 an ounce, ended the day with gains, as well as the September delivery, which increased by $ 84.70 or almost 4.6% and closed at $ 1,946.60 an ounce.

Source: Capital

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