Small profits for gold

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Gold closed lower with gains as the weakening dollar, which tends to boost demand for the precious metal, was offset by a stabilization in US stocks.

In particular, the June contract for gold closed at $ 1,847.9 an ounce with its value having strengthened by 0.3%.

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With the dollar index moving down today, after completing its first week of losses in the last two months on Friday, investors’ interest in gold seemed to be stimulated with the price of the precious metal reaching up to $ 1,864 intra-conference.

However, the stabilization of US bond yields, with the ten-year bond moving slightly higher (2.855%) after three declining days, was competitive with gold, which gradually erased most of its gains.

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As OANDA analyst Jeffrey Haley points out, “the verdict on whether gold has outgrown the storm in the medium term or is simply strengthening in response to the dollar’s decline has not yet come out.”

He added that “before I become structurally bullish (in terms of gold) I would like to see first that it is holding its recent gains against a strengthening dollar”.

In the other metals, the price of silver moved slightly higher, which added 0.4% to its value at $ 21,785 an ounce.

Platinum rose 1.1% to $ 952, palladium added 1.5% to $ 1,971 and copper rose 1.4% to $ 4.33 a pound.

Source: Capital

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