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Gold closed up but below the ‘threshold’ of $1,800

With gains but without breaking the “psychological threshold” of $1,800 per ounce, gold closed on Thursday, remaining in this territory for the fourth consecutive session.

More specifically, Mr December delivery gold lost $5.50, or 0.3%, to settle at $1,771.20 an ounce.

The September delivery silver lost 27 cents, or about 1.4%, to $19.464 an ounce.

The September delivery palladium gained $12.70, or 0.6%, to close at $2,149.40 an ounce, while October delivery platinum lost $14.40, or 1.6%, to $904.90 an ounce.

THE September delivery copper gained 5 cents, or 1.3%, to 3.6315 a pound.

Jim Wyckoff, senior analyst at Kitco Metals, attributed the rebound in prices of the yellow metal to “mild corrections and short covering after recent pressures.”

In the previous three sessions, gold had posted losses.

Minutes of the Federal Reserve’s July meeting, released Wednesday after gold closed, were “neutral with a slight dovish tilt” and markets showed “no particular reaction to them.” “, Wyckoff noted in his daily commentary.

The US dollar, however, managed to recover from losses after the minutes were released, denting the temporary gains made by gold, said Craig Erlam, senior market analyst at OANDA.

The yield on the 2-year US Treasury note, at 3.228%, is not far from its recent highs, while the 10-year, at 2.882%, has also shown signs of upside in the past two days, meaning pressures on gold will continue , he added.

“If the recession narrative starts to weigh on financial markets, gold could go on a fresh rally towards $1,800 and even higher,” Erlam added.

Source: Capital

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