Gold ended the week with a slight decline in its price, as the prospect of further interest rate hikes seems to limit demand for the precious metal.
In particular, the gold August delivery completed today at 1,830.3 dollars an ounce, having strengthened slightly by just 50 cents or less than 0.1%.
For the entire five-day period, however, the contract price fell by 0.6%.
TD Securities general analyst Daniel Galli estimates that there are opposing forces that lead the price of gold to small fluctuations.
“We have risks of a recession and signs of an impending slowdown in global growth leading to gold inflows as a safe haven. On the other hand, the Fed is committed to fighting inflation, leading to a significant rise in real interest rates,” he said.
For his part, Commerzbank analyst Carsten Fritz wrote today in a note that “we believe that gold has some small upside potential in the second half of the year and the price forecast is for $ 1,900”.
However, he also pointed out that in the short term the Fed will aggressively increase its interest rates, putting pressure on gold.
Otherwise, the other metals came under even greater pressure with silver to lose 2.1% per week, although it closed today’s trading at + 0.4% and $ 21,125 an ounce.
THE copper retreated by 6.8% per week, with its price almost unchanged today at $ 3.74 a pound.
Similarly, the platinum lost 0.1% today, closing at $ 903.7 an ounce and was at -2.9% for the week.
The opposite move followed palladiumwhich closed today at $ 1,854 with an increase of 1.7% and in the week was at + 3.1%.