Gold closed higher on Friday, climbing above $ 1,800 for the first time since November 22, while during the week the precious metal strengthened by 1.1%.
The rise in the precious metal above the $ 1,800 mark appears to be due to “broad capital flows that dump risky assets … and are channeled into” defense “shelters, such as gold, said Colin Cieszynski, SIA analyst Wealth Management.
The support for gold prices is also due to “the uncertainty caused by the possible impact of the Omicron mutation on the economy, at a time when” bulls “and speculators are on the sidelines,” he told MarketWatch.
There are also “growing inflation concerns”, which have prompted the US Federal Reserve and the European Central Bank to speed up tapering and the Bank of England to raise interest rates.
Gold returned more than $ 1,800 but it is difficult to estimate “how it will perform by the end of the year, given the delicate balances that move the market,” said Edward Moya, an analyst at Oanda.
The Omicron Mutation Remains the Greatest Threat to the Economic Outlook $ 1,775 and $ 1,850 for the rest of 2021 “.
In the meantime, his performance 10-year US government bond falls today to 1.388%, losing 1.4% for the first time since December 6. At the same time dollar loses 0.6% according to the ICE US Dollar index.
In this climate, the gold delivery in February It added $ 6.70, or 0.4%, on Friday, to reach $ 1,804.90 an ounce, the highest level since Nov. 22. During the week, the precious metal strengthened by 1.1%, according to FactSet.
The March delivery silver strengthened by 5 cents or 0.2%, to $ 22,533 per ounce, with gains of 1.5% per week.
As for the other metals, o March delivery copper fell 0.2% to $ 4,295 per pound, up 0.2% on a weekly basis. THE January delivery platinum added 0.6% to $ 934.50 an ounce, earning about 30 cents a week.
Finally, the March delivery contract for palladium strengthened by 3.6% to $ 1,784.80 per ounce, while in the week it gained 2%.
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