Gold closed with small losses
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Gold ended Thursday’s session with small losses, one day after recording its biggest daily rise since December and its highest closing in two months.
“Gold is finally finding its footing, mainly due to the inflationary environment we are experiencing, combined with the relatively weak US dollar lately,” said Adam Koos, president of the Libertas Wealth Management Group. “While rising US government bond yields will continue to hover around the price of gold, the fact remains that we are seeing a clear and visible upward trend that we have not seen since the end of spring 2021,” he said.
He believes that gold can “hold and reach new heights”, especially if the US “can not solve the problems caused by supply chain pandemic disruptions”.
THE gold delivery in February It lost 60 cents, or less, at 0.1 percent, closing at $ 1,842.60 an ounce, after rising 1.7 percent on Wednesday, its highest level since Nov. 19.
The March delivery silver gained 48 cents, or 2%, to close at $ 24,716 an ounce, its highest level since Nov. 19.
“Inflation fears are high and lead traders and investors to act accordingly,” Jim Wyckoff, senior analyst at Kitco.com, told MarketWatch. “One of their reactions is to buy hard assets to hedge against inflation – and among them are gold and silver.”
In the other metals, the March copper gained 2.5% to $ 4,583 a pound, while the April platinum gained 2.2% to $ 1,050.80 an ounce and March palladium closed at $ 2,073.70 an ounce, gaining 3.3% on a daily basis and almost 10% since the beginning of the week.
Koos notes that the palladium jump looks good not only for the metal itself, but also as a sign that congestion in the automotive supply chain is beginning to recede.