Gold prices traded higher on Thursday as a weekslong rally in the yellow metal appears to have stalled just above the $2,000-an-ounce level.
Price action
-
Gold futures for June delivery
GC00,
+0.38% GCM23,
+0.38%
gained $5.50, or 0.3%, to $2,031 an ounce on Comex. -
May silver
SI00,
-0.00% SIK23,
-0.00%
rose 2 cents, or 0.1%, to $25.40 an ounce. -
June palladium
PAM23,
-0.14%
fell by $13.80, or 0.9%, to $1,605 an ounce, while July platinum
PLN23,
+0.11%
gained $1.80, or 0.2%, to $1,107 an ounce. -
Copper for May
HGK23,
-0.69%
delivery fell by 5 cents, or 1.2%, to $4.029 a pound.
Market drivers
Concerns about an imminent recession have eased enough to take gold off the boil, precious metals strategists said. If the yellow metal is to make another run at its record settlement high from August 2020, it would likely require more signs of an imminent economic downturn.
“For gold to resume its uptrend and make another attempt towards record highs, recession concerns would likely need to resurface,” said Marios Hadjikyriacos, senior investment analyst at XM.
