With small gains but for the second consecutive session, gold completed its trading, amid growing concerns about the prospects for economic growth while investors await new data on inflation in the US on Friday.
In particular, the August gold contract closed at $ 1,856.5 an ounce, having added $ 4.4 to its price or 0.2%.
Despite the multitude of uncertainties that traditionally increase investment interest in the precious metal, gold is finding it difficult to keep pace as the Fed seems determined to fight inflationary pressures, says David Meger, metal director at High Ridge Futures.
He added that “interest is now focused on Friday’s consumer price index, in order to see if inflation has really started to decline or continue more persistently than expected.”
Additional pressure on gold prices is exerted by bonds, which operate competitively as a safe haven for investment, offering a specific return, with that of the 10-year US remaining above the 3% range today.
The fact that the World Bank cut its assessment of global growth yesterday works in support of gold investment, but at the same time Metals Focus estimates that demand for the metal will decline on the jewelry front due to lockdowns in China.
Elsewhere, silver fell 0.4 percent to $ 22.09 an ounce.
Platinum lost 0.3% at $ 1,010, palladium was down 1.6% at $ 1,937 and copper was up 0.2% at $ 4.44.