Gold fell 2.8% in the week, palladium “sank” 11%

Gold ended the session with a loss on Friday, extending its weekly losses to 2.8%, the biggest drop on a 5-day basis since November 2021, in a week set by the US Federal Reserve to increase interest rates for the first time since 2018.

The price of the precious metal was under pressure from the rise (+ 0.25%) of the dollar, however, the US currency is moving at -1% per week.

Investors continued to assimilate the Federal Reserve’s “new aggressive stance,” said Edward Moya, an Oanda analyst. Gold “may find support at $ 1,900 in the short term and upwards, it may find resistance at $ 1,950,” he added.

Carlo Alberto De Casa, an analyst at Kinesis Money, said that “the development of the war between Russia and Ukraine and the decisions at the next Fed meeting will be the main factors that will affect the price of gold.”

Despite the recent decline, De Casa stressed that many investors remain optimistic about gold. “The appetite for gold bars remains huge,” the analyst said.

In this climate, the gold April delivery lost $ 13.90, or 0.7%, to $ 1,929.30 an ounce. During the week, gold fell 2.8%, marking the biggest weekly percentage drop since the 5-day period ended November 26, 2021, according to Dow Jones Market Data.

The silver May delivery fell 53 cents, or 2.1 percent, to close at $ 25,087 an ounce. However, in the week it recorded losses of 4.1%, ending a series of six profitable weeks.

The May delivery contract for copper strengthened by 0.8% to $ 4.74 per pound, gaining 2.5% per week. THE platinum April delivery added nearly 0.5% to $ 1,035.90 an ounce, reducing weekly losses to 4.8%.

Finally, the palladium June delivery today added $ 1 to $ 2,493 per ounce, but in the week “sank” by 11%.