Worst month since September for gold down 2.1%

Despite the gains of gold on Friday, finding support for the fall of the dollar, it did not avoid recording its worst month since September 2021.

Specifically, the gold June delivery gained $ 20.40, or 1.1%, to close at $ 1,911.70 an ounce, but fell 1.2% during the week. On a monthly basis, the precious metal fell by 2.1%.

This fall was the worst in seven months and the biggest in April since 2013, when the precious metal fell 7.8%, according to Dow Jones Market Data.

“Gold is in demand as a safe haven at a time when Europe is seeking energy independence from Russia, and Moscow is pushing the European bloc through oil and gas,” said Jim Wyckoff, a Kitco analyst. .com.

“The war between Russia and Ukraine seems to be escalating with the West supplying Ukraine with more weapons. At the same time, Vladimir Putin is stepping up his anti-Western rhetoric. This does not bode well for positive developments.

Gold rose 0.7% against the dollar today, a day after the five-year high of the US currency. In the month, the dollar climbed by 4.7%.

“The price of gold has fallen this week due to strong pressure from the dollar. The currency rally can be attributed to the sell-off of shares,” said Peter Cardillo, an economist at Spartan Capital Securities.

“Technically, the market has suffered significant losses. War and high inflation are expected to push gold upwards. The long-term outlook remains positive for the precious metal,” Cardillo said.

The focus of investment interest today was the macroeconomic data announced in the US. In particular, the unbridled pace of inflation in the US was confirmed, as shown by the new elements of the personal expenditure ratiothe preferred measure of the federal bank.

On an annual basis, the personal consumption expenditure index moved at a rate of 6.6% from 6.4% in February, recording a high since 1981.

The narrower structural measure of the index, which excludes volatile food and energy prices and on which the Fed is focusing, recorded a smaller increase of 0.3% on a monthly basis, as forecast by the market.

On a positive note, however, on an annual basis it decreased slightly to 5.2% from 5.3% in February, showing the first month of decline in more than a year.

As for the other metals, the silver July delivery fell 0.4 percent to $ 23.09 an ounce today.

THE copper July delivery fell 0.6% to settle at $ 4.41 a pound on Friday. The July delivery contract for platinum increased by 3.1% to $ 939.60 per ounce, while the palladium June added 4.4% to $ 2,307 an ounce.