Gold: Continue the upward streak for the third week ‘hitting’ high of more than a month

Gold moved higher on Thursday, ending the day and the week in positive territory, in the last meeting in view of the Christmas holidays.

The precious metal traded around $ 1,800 an ounce today, with the US currency showing signs of stabilizing and investor sentiment for more risky assets being boosted by fears of the impact of the Omicron mutation on the economic recovery.

“It’s just noise on a busy day before Christmas,” said Daniel Pavilonis, an analyst at RJO Futures. to remain at these levels “.

“Gold and silver have had a relatively difficult year. Gold has been restrained mainly by concerns about tapering and rising interest rates and the positive impact that these Fed moves on the US dollar will have,” he said in a report. Peter Grosskopf, CEO of Sprott Investment Management.

In this climate, the gold delivery in February strengthened by $ 9.50 or 0.5% to reach $ 1,811.70 an ounce, the highest level since Nov. 19, according to FactSet.

The precious metal added 0.4% per week, for the third consecutive time. On an annual basis, gold so far is falling by 4.4%.

As for the other metals, the March delivery silver gained 12.1 cents, or 0.5 percent, to $ 22.94 an ounce, the highest level since Nov. 26, after gaining 1.3 percent on Tuesday. In the week, silver climbed by 1.8%. In the year, however, his contract loses 13.2%.

THE March delivery copper added less than 0.1% to $ 4.3925 per pound. During the week, copper strengthens by about 2.3% and on an annual basis records a 25% rally.

The January delivery contract for platinum added $ 6.70, or 0.7%, to $ 975.10 an ounce. Platinum rose 4.3% in the week, reducing the losses so far in the year to 9.7%.

Finally, the palladium delivery in March made a “jump” of $ 67.60 or 3.6%, to 1956.90. In the week it gained almost 10%, however on an annual basis it is still in the ‘red’ with losses of 20%.