Gold recorded the biggest daily gains for a month

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Gold closed higher on Thursday with gains – the biggest daily gain in nearly a month – with the yellow metal benefiting from the wave of risk aversion, a day after the worst session in the US stock market in two years.

THE June delivery gold gained $ 25.30, or 1.4%, to close at $ 1,841.20 an ounce, its biggest gain since April 12. The July silver gained 1.7%, closing at $ 21,908 per ounce ..

“An economic downturn in the US is now on the minds of traders and investors, who were already preoccupied with other serious issues, such as Russia’s war against Ukraine and the situation around Covid in China’s major urban centers, which disrupts world trade.” , notes Jim Wyckoff of Kitcom.com. “A lower value of the dollar and a fall in US government bond yields today acted as a boost to the metals,” he added.

Gold has generally been at the same level since the beginning of the year, while the S&P 500 has lost about 18%.

HSBC analysts describe the current environment as “mixed” in terms of gold, considering it “neutral”, at a time when it is bullish against the dollar.

In the other metals, the July copper gained 2.5% closing at $ 4.2830 a pound, with July platinum to gain 3.2% and close at $ 953.70, per ounce, while the palladium June lost 0.7% to $ 1,978.40 an ounce.

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Source: Capital

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