Gold closed the day, month and quarter with gains

Gold closed higher on Thursday, marking a positive momentum for both March and the first quarter of 2022 overall, as Russia’s war against Ukraine continues to boost demand for the precious metal as an investment. “refuge”.

“Apart from the war, a relative” weakness “of the dollar also plays a positive role, as does the” interest that always exists at the end of each quarter, “Jeff Wright, CIO at Wolfpack Capital, told MarketWatch.

THE June delivery gold recorded gains of $ 15 or 0.8%, closing at $ 1,954 per ounce. The May silver added 2 cents, or 0.1 percent, to $ 25,133 an ounce.

On a monthly basis, gold gained 2.8% in March and 6.9% as of January 1, 2022, according to Dow Jones, while silver gained 3.2% and 7.6% in the month and quarter respectively.

Stephen Innes, chief executive of SPI Asset Management, said on the same website that it had raised its target price for gold at the end of the year to $ 1,850 from $ 1,650 previously, as “the continuing impact of the war in Ukraine will intensify.” growth and inflation concerns “.

However, he described the market fears of stagnant inflation as excessive and said that the increase in interest rates by the Federal Reserve will put pressure on gold prices.

The fall in oil prices, earlier, also put pressure on the price of gold, as it eased market fears of a new spike in inflation.

In the other metals, the copper May closed with a small change at $ 4,751 a pound, with gains of 6.7% for March and 6.4% for the quarter.

THE July platinum lost 0.5% to $ 995.80 an ounce, down 4.1% for the month, but gaining 3.1% in the quarter. The palladium June closed at $ 2,255.60 an ounce, with gains of 0.6% per day, losses of 9.9% per month, but a jump of 18% in the quarter.