Small losses for gold, 2% drop for platinum and palladium

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Gold moved with strong changes on Wednesday, closing with losses, thus putting a pause in the recovery from a three-month low.

Particularly, the gold delivery of June lost $ 3 or 0.2% and closed at $ 1,815.90 an ounce, while the July delivery silver fell 1% to $ 21,544 an ounce.

The rise of the US dollar has kept the pressure on gold, with investors turning to the dollar and bonds, given the recent market volatility caused by rising interest rates from the US Federal Reserve (Fed) to combat high inflation.

US Treasury Secretary Janet Yellen warned on Wednesday of a “difficult and uncertain” global economic outlook due to higher food and energy prices that could put pressure on output, spending and inflation around the world. .

But Glenn also said the United States is “in many ways better off,” given its strong labor market and economy, and the release of strategic oil reserves to help keep domestic energy prices from soaring.

Despite recent gains in gold, its price has fallen by 5.1% so far in May, according to FactSet. It also remains 11% below its high on March 8, at $ 2,040.10, according to the Dow Jones Market Data.

“We attribute the fall in prices, on the one hand, to higher bond yields in the wake of good US economic data – yields on 10-year US government bonds have risen again to 3%,” said Fed Chairman Jerome Powell. “They may have played their part,” said Daniel Briesemann, a commodities analyst at Commerzbank.

Powell said yesterday that the Fed would continue to raise interest rates until there was “clear and convincing evidence” that inflation was falling.

Powell said the fight against inflation could have some impact on economic growth or a rise in unemployment, but noted that there was potential for a “soft” landing.

In other metals, the July delivery of copper lost 1.4% to $ 4.1785 a pound.

Alongside, the platinum delivery in July lost 2% to $ 924.40 an ounce and the palladium of June delivery It also fell 2% to $ 1,992.60 an ounce.


Source: Capital

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