Third consecutive day of fall for gold

Gold made its third consecutive drop on Thursday, after jumping more than $ 2,000 per ounce on Monday.

THE June delivery gold fell $ 7.40, or 0.4%, to close at $ 1,948.20 an ounce, down 1.4% this week. The May silver lost 65 cents, or 2.6%, to $ 24,621 an ounce, having lost 4% since the beginning of the week.

The yellow metal was pressed on Wednesday, with the real, ie inflation-adjusted yield of the 10-year US government bond moving to positive levels for the first time since 2020. Gold remained largely “slack” from rising yields, the which increase the cost of maintaining a non-performing investment product.

“The coherence of hawkish comments from Federal Reserve executives this week and the return of positive real returns has reduced the investment appetite for gold and silver,” said Zaner analysts.

Fed Chairman Jerome Powell also said it was “a good time to move a little faster” on raising interest rates.

However, support for gold is provided by the demand for investment products – shelters due to the Russian invasion of Ukraine.

The metal is expected to continue to find support in view of May 9, the day on which Russia celebrates its victory over Nazi Germany, when the intensity of Russia’s war effort is predicted, notes Stephen Innes of SPI Asset Management, in a note .

In the other metals, the copper May gained 1.1% to $ 4,704 a pound. THE July platinum lost about 2% to $ 967.80 an ounce palladium June closed at $ 2,420.20 an ounce, down 1.7%.