Gold recorded modest gains

Gold traded lower on Thursday as the US dollar rose, US bond yields rose and stocks plummeted, bringing assets – “shelters” like gold back into the spotlight.

THE June delivery gold thus rose $ 6.90 or 0.4%, closing at $ 1,875.70 per ounce, having reached trading above $ 2,000. July silver It rose 0.2% to close at $ 22.443 an ounce.

“Gold can make some further progress from this point on,” said George Milling-Stanley, head of gold strategy at State Street Global Advisors.

With the Fed focusing on the battle with high inflation, which has been intensified by Russia’s war against Ukraine, with stocks being hit, gold seems like a sensible investment choice.

At the same time, the yield on the 10-year US government bond jumped more than 3.1%, while the dollar strengthened by 1.3% against a “basket” of six major competitors. The strong dollar is a deterrent to commodities valued in it, because it makes them more expensive for users of other currencies. High bond yields also create strong competition against non-performing metals.

In the other metals, the July copper fell 1.1% to close at $ 4.2915 a pound. THE July platinum lost 0.6% to $ 973.40 an ounce, while palladium June fell 2.6% to 2,177.40 per ounce.