Gold withstood more than $ 1,800 despite losses

Gold closed lower on Wednesday, but the $ 1,821 intraday high kept the precious metal above the $ 1,800 psychological threshold.

Gold was under pressure from the 6-year low of the US 10-year government bond to 1.54%, while the dollar was down 0.2%.

Raffi Boyadjian, a stock market analyst at XM, said in a daily note that “the last attempt at a convincing break above $ 1,800 did not go well, as the precious metal has now fallen close to that limit.”

Gold has been trading in a relatively narrow range over the past month as markets still weigh in on the Omicron mutation, which is highly contagious but so far does not appear to cause serious illness or increase morbidity or mortality.

In this climate, the gold delivery in February slipped $ 5.10, or 0.3%, to $ 1,805.80 an ounce. Intra-conference it reached the lowest level of $ 1,789.10 but the high of $ 1,821.60.

As for the other metals, the March delivery silver fell 26.3 cents, or 1.1 percent, to $ 22,858 an ounce. On an annual basis, it loses over 13% to date.

The March delivery contract for copper lost 2 cents, or about 0.6%, to $ 4,413 a pound. In the year goes to profits of 25%.

THE January delivery platinum slipped $ 10.90, or 1.1%, to $ 968.50 an ounce, down 10 percent a year.

Finally, the palladium delivered in March lost $ 13.60, or 0.7%, to $ 1,987 an ounce. On an annual basis, it has lost more than 19% so far.