Gold closed at one month high

Gold and other precious metals closed Thursday’s session with gains, “erasing” the losses they had recorded earlier in the week, with the yellow metal recording its highest levels for about a month.

The move comes as US government bond yields and the dollar have fallen, making precious metals comparatively more attractive.

THE gold delivery august It strengthened by 1.2% to close at $ 1,871.40 per ounce, its highest closing since May 6 and its largest percentage increase since May 19. Since the beginning of the month, the metal has gained 1.3%.

The silver gained 1.6%, closing at $ 22.28 per ounce, while the platinum continued upwards with gains of 3.1%, closing at $ 1,028.40, per ounce, again exceeding the psychological limit of $ 1,000.

The palladium recorded a rise of 2.2%, closing at $ 2,036.50 per ounce, while the copper strengthened 4.8%, closing at $ 4.55 a pound.

Citi Aakash Doshi, a precious metals analyst, recently cut the short-term target price for gold, noting that a number of factors keep the yellow metal “bound”.

“A hawkish Fed, higher real interest rates and what remains of persistent inflation in the medium term are weighing in on the momentum of the gold price, even in a period of strong dollar. “Russia’s war in Ukraine,” Doshi said.

A team of Commerzbank analysts also explains the significant rise in platinum, mainly due to expectations for increased demand from the automotive industry, as supply chain problems subside.