Gold earnings for the sixth day in a row – At the highest level since June

Gold closed higher on Thursday for a sixth straight session, tying the 6-day streak that ended May 20, with worries about rising US inflation pushing prices to their highest level since June.

“Traders were looking for an old friend with the highest inflation in front of them,” said Craig Erlam, an Oanda market analyst.

Citibank strategic analysts, however, warned that the new momentum for the precious metal may not last beyond winter.

Citi, meanwhile, raised its gold price target for the next quarter by 11% to $ 1,900 an ounce and revised its fourth-quarter forecast to $ 1,800 an ounce from $ 1,700 an ounce.

“If gold prices remain close to $ 1,850 / ounce this week, there is likely to be a new influx of investors and $ 1,900 / ounce could be the next target,” a Citi team said in a note to customers late. on Wednesday.

“Concerns about more persistent inflation or even stagnant inflation are boosting demand for TIPS, gold and cryptocurrencies as hedges,” Citi said.

Gold gains coincided with a strong dollar, which today added 0.3% according to the ICE US Dollar.

David Russell, GoldCore’s marketing director, told MarketWatch that the gold rally was in fact “still at a very early stage”.

In this climate, the December delivery gold It strengthened by $ 15.60 or 0.8% on Thursday, to reach $ 1,863.90 an ounce, the highest level since June 14.

In addition to the other metals, the December delivery silver added 53 cents, or 2.1 percent, to $ 25,301 an ounce.

THE December delivery copper recorded a rise of 1.8% to $ 4.40 per pound and the January delivery platinum rose 1.6% to $ 1,094.50 an ounce.

Finally, the December delivery contract for palladium gained 1.2% to $ 2,062.60 an ounce.