Marginal decline for gold

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The price of gold moved slightly lower as some investors chose to close positions after the Fed minutes yesterday showed that the bank will remain in the course of raising interest rates it has planned.

Against this background, the June gold contract ended the day at $ 1,847.6 an ounce, down slightly by 0.1% or $ 1.3.

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With a small loss of 0.15%, the spot price was moving at $ 1,843.29 an ounce.

The Fed’s commitment to continue raising interest rates did not particularly affect gold, with some profit taking when the minutes were released, while prices could fall to around $ 1,820, says Brian Lan, CEO of GoldSilver Central.

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In the long run, however, investors who know that the recession is looming are looking for something of high value that they could rely on in such a period and gold will shine, he added.

For his part, Michael McCarthy, head of strategy at Tiger Brokers in Australia, said it was positive for gold that the Fed would raise two more interest rates by 0.5% and wait to see the financial impact, so for himself the reaction of gold was silently disappointing.

Elsewhere, silver rose 0.5 percent, or 10 cents, to close at $ 21.97 an ounce.

Platinum also rose 0.8% to $ 937.4, with palladium up 0.2% to $ 1,993 and copper closing at $ 4.26 a pound + 0.2%. .

Source: Capital

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