Gold earns 1.9% per week

Gold closed with gains on Friday, expanding its earnings on a weekly basis, finding support for persistently high inflation.

Gold continued to rise for the 6th consecutive session, as the precious metal is favored by the jump to a new high of 40 years of inflation in the US. The consumer price index for January increased by 7.5% on an annual basis.

At the same time, investors are weighing a more aggressive stance of the US Federal Reserve with the chairman of the Fed, St. Louis James Bullard, today demanding an increase in interest rates by 100 basis points by July 1.

“It should be noted that persistently high inflation and rising bond yields could be a challenge … for precious metals. But so far investors are still trusting gold, which could hedge against “market disturbances,” said Carlo Alberto De Casa, a Kinesis Money analyst.

“In this scenario, gold will be offset by the fact that central banks will not be able to tame inflation,” he said.

THE April delivery gold It rose by $ 4.70 or 0.3% to $ 1,842.10 an ounce on Comex, while on a weekly basis it recorded gains of 1.9%, in the best 5 days of the last 3 months.

The March delivery silver fell 0.6% to $ 23.52 an ounce, but gained more than 3% in the week.

In the other metals, the april delivery platinum fell 2.3% to $ 1,018.70 an ounce, while the March palladium fell 3.2% to $ 2,193.60 an ounce.

The copper futures fell 3.2% on Friday to $ 4.51 per pound.